Keefe, Bruyette & Woods Cuts TriCo Bancshares (NASDAQ:TCBK) Price Target to $50.00

TriCo Bancshares (NASDAQ:TCBK) had its target price lowered by Keefe, Bruyette & Woods from $53.00 to $50.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. Stephens lowered their price target on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. DA Davidson lowered TriCo Bancshares from a “buy” rating to a “neutral” rating and upped their target price for the company from $50.00 to $53.00 in a research note on Tuesday, November 12th. Finally, Piper Sandler decreased their price target on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.75.

TriCo Bancshares Stock Down 0.2 %

TCBK opened at $44.08 on Tuesday. TriCo Bancshares has a 1-year low of $31.73 and a 1-year high of $51.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 13.12 and a beta of 0.58. The business has a 50 day moving average of $45.23 and a 200-day moving average of $44.48.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.09. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. As a group, sell-side analysts anticipate that TriCo Bancshares will post 3.38 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.33 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.32 dividend on an annualized basis and a yield of 2.99%. TriCo Bancshares’s payout ratio is 39.29%.

Insider Buying and Selling at TriCo Bancshares

In other news, Director Cory W. Giese sold 5,100 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total value of $252,297.00. Following the transaction, the director now directly owns 6,128 shares in the company, valued at $303,152.16. This trade represents a 45.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On TriCo Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its position in shares of TriCo Bancshares by 21.7% in the 4th quarter. Allworth Financial LP now owns 7,937 shares of the financial services provider’s stock valued at $341,000 after acquiring an additional 1,413 shares during the period. Rhumbline Advisers raised its holdings in TriCo Bancshares by 1.1% in the fourth quarter. Rhumbline Advisers now owns 59,033 shares of the financial services provider’s stock worth $2,580,000 after purchasing an additional 652 shares during the period. Golden State Wealth Management LLC bought a new position in shares of TriCo Bancshares during the fourth quarter worth $212,000. SG Americas Securities LLC grew its holdings in shares of TriCo Bancshares by 27.1% in the 4th quarter. SG Americas Securities LLC now owns 11,783 shares of the financial services provider’s stock valued at $515,000 after buying an additional 2,512 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of TriCo Bancshares by 23.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 160,987 shares of the financial services provider’s stock valued at $7,035,000 after buying an additional 30,227 shares in the last quarter. Institutional investors own 59.11% of the company’s stock.

About TriCo Bancshares

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.