Zacks Research Downgrades TriCo Bancshares (NASDAQ:TCBK) to Hold

TriCo Bancshares (NASDAQ:TCBK) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

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

TriCo Bancshares Trading Down 0.2%

TCBK opened at $48.31 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 13.57 and a beta of 0.64. TriCo Bancshares has a 12 month low of $35.20 and a 12 month high of $50.60. The stock has a fifty day moving average price of $46.65 and a 200-day moving average price of $44.19.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Wednesday, October 22nd. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.12. The company had revenue of $107.56 million for the quarter, compared to analyst estimates of $107.08 million. TriCo Bancshares had a return on equity of 9.27% and a net margin of 21.87%. As a group, equities research analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TCBK. Larson Financial Group LLC lifted its holdings in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 459 shares during the period. State of Alaska Department of Revenue acquired a new position in TriCo Bancshares in the 3rd quarter worth approximately $58,000. PNC Financial Services Group Inc. purchased a new position in TriCo Bancshares during the 3rd quarter worth approximately $76,000. Federated Hermes Inc. lifted its stake in TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 290 shares during the period. Finally, CWM LLC lifted its stake in 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 acquiring an additional 851 shares during the period. 59.11% of the stock is owned by institutional investors and hedge funds.

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.