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

TriCo Bancshares (NASDAQ:TCBK) had its price objective cut by Keefe, Bruyette & Woods from $53.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

TCBK has been the subject of several other research reports. Piper Sandler dropped their price objective on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Stephens dropped their price objective on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Finally, DA Davidson cut shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $50.00 to $53.00 in a research report on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.75.

TriCo Bancshares Price Performance

Shares of TCBK opened at $44.39 on Tuesday. The company has a market capitalization of $1.47 billion, a P/E ratio of 13.21 and a beta of 0.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86. TriCo Bancshares has a one year low of $31.73 and a one year high of $51.06. The business’s 50 day simple moving average is $45.35 and its 200-day simple moving average is $44.48.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate 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 predict that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 6th. TriCo Bancshares’s payout ratio is 39.29%.

Insider Buying and Selling at TriCo Bancshares

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

Institutional Trading of TriCo Bancshares

A number of large investors have recently made changes to their positions in TCBK. Sei Investments Co. increased its position in shares of TriCo Bancshares by 18.3% in the 2nd quarter. Sei Investments Co. now owns 21,348 shares of the financial services provider’s stock valued at $845,000 after buying an additional 3,303 shares in the last quarter. Creative Planning increased its position in shares of TriCo Bancshares by 62.6% in the 2nd quarter. Creative Planning now owns 21,447 shares of the financial services provider’s stock valued at $849,000 after buying an additional 8,260 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of TriCo Bancshares in the 3rd quarter valued at $395,000. Sweeney & Michel LLC increased its position in shares of TriCo Bancshares by 3.7% in the 3rd quarter. Sweeney & Michel LLC now owns 137,599 shares of the financial services provider’s stock valued at $6,171,000 after buying an additional 4,921 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in TriCo Bancshares by 839.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock worth $5,577,000 after purchasing an additional 116,838 shares during the period. 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.