TriCo Bancshares (NASDAQ:TCBK) Downgraded by Zacks Research to Hold

Zacks Research cut shares of TriCo Bancshares (NASDAQ:TCBK) from a strong-buy rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

A number of other research firms have also recently commented on TCBK. Raymond James Financial reissued an “outperform” rating and issued a $46.00 price target (up previously from $45.00) on shares of TriCo Bancshares in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TriCo Bancshares in a report on Monday. Keefe, Bruyette & Woods upped their target price on shares of TriCo Bancshares from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. Finally, Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $48.60.

TriCo Bancshares Price Performance

NASDAQ:TCBK opened at $48.31 on Thursday. TriCo Bancshares has a 52-week low of $35.20 and a 52-week high of $50.60. The stock has a fifty day moving average of $46.65 and a 200 day moving average of $44.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 13.57 and a beta of 0.64.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.12. TriCo Bancshares had a return on equity of 9.27% and a net margin of 21.87%.The firm had revenue of $107.56 million for the quarter, compared to analysts’ expectations of $107.08 million. On average, research analysts expect that TriCo Bancshares will post 3.35 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, December 5th. TriCo Bancshares’s payout ratio is presently 40.45%.

Hedge Funds Weigh In On TriCo Bancshares

Hedge funds have recently modified their holdings of the company. Larson Financial Group LLC increased its holdings in TriCo Bancshares by 337.5% during the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 459 shares during the period. State of Alaska Department of Revenue bought a new position in TriCo Bancshares in the 3rd quarter worth $58,000. PNC Financial Services Group Inc. purchased a new stake in TriCo Bancshares in the third quarter worth about $76,000. Federated Hermes Inc. lifted its stake in shares of TriCo Bancshares by 17.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 290 shares during the period. Finally, CWM LLC boosted its holdings in shares of TriCo Bancshares by 74.0% during the 3rd quarter. CWM LLC now owns 2,001 shares of the financial services provider’s stock valued at $89,000 after buying an additional 851 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.