TriCo Bancshares (NASDAQ:TCBK) Raised to Overweight at Stephens

TriCo Bancshares (NASDAQ:TCBK) was upgraded by equities researchers at Stephens from an “equal weight” rating to an “overweight” rating in a note issued to investors on Thursday, MarketBeat Ratings reports.

TCBK has been the subject of several other reports. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. DA Davidson lowered their target price on TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Piper Sandler increased their target price on TriCo Bancshares from $61.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Finally, Raymond James Financial cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, TriCo Bancshares currently has a consensus rating of “Hold” and a consensus price target of $56.60.

TriCo Bancshares Stock Down 0.5%

Shares of NASDAQ TCBK opened at $57.27 on Thursday. The stock has a market capitalization of $1.83 billion, a P/E ratio of 13.73 and a beta of 0.60. TriCo Bancshares has a one year low of $40.44 and a one year high of $61.71. The firm’s 50 day simple moving average is $54.91 and its two-hundred day simple moving average is $51.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.27%. The company had revenue of $111.88 million during the quarter, compared to analysts’ expectations of $110.99 million. As a group, analysts expect that TriCo Bancshares will post 4.28 EPS for the current fiscal year.

Institutional Investors Weigh In On TriCo Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of TCBK. Larson Financial Group LLC lifted its stake in TriCo Bancshares by 337.5% in the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 459 shares during the period. Danske Bank A S bought a new stake in shares of TriCo Bancshares during the 4th quarter valued at about $28,000. Farther Finance Advisors LLC increased its position in shares of TriCo Bancshares by 40.3% during the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock valued at $35,000 after buying an additional 211 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in TriCo Bancshares in the second quarter worth about $36,000. Finally, Abound Financial LLC bought a new position in TriCo Bancshares in the fourth quarter worth about $43,000. 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.