Zacks Investment Research Upgrades TriCo Bancshares (NASDAQ:TCBK) to Buy

Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a research note issued to investors on Thursday, November 2nd. The firm currently has $46.00 price target on the financial services provider’s stock.

According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “

Separately, BidaskClub cut shares of TriCo Bancshares from a sell rating to a strong sell rating in a research report on Saturday, August 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $41.50.

Shares of TriCo Bancshares (NASDAQ:TCBK) traded down $0.07 during mid-day trading on Thursday, hitting $41.53. 74,982 shares of the stock traded hands, compared to its average volume of 64,014. The stock has a market cap of $949.43, a price-to-earnings ratio of 19.28, a P/E/G ratio of 1.89 and a beta of 0.92. TriCo Bancshares has a 12 month low of $29.01 and a 12 month high of $43.22. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 0.79.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.03). The firm had revenue of $57.01 million during the quarter, compared to the consensus estimate of $56.99 million. TriCo Bancshares had a net margin of 21.87% and a return on equity of 10.17%. equities research analysts anticipate that TriCo Bancshares will post 2.19 earnings per share for the current fiscal year.

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In related news, EVP Craig B. Carney sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $36.00, for a total transaction of $180,000.00. Following the sale, the executive vice president now owns 18,294 shares of the company’s stock, valued at $658,584. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 9.10% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of TriCo Bancshares during the second quarter valued at approximately $129,000. Raymond James Financial Services Advisors Inc. bought a new position in shares of TriCo Bancshares in the second quarter worth approximately $211,000. Karp Capital Management Corp bought a new position in shares of TriCo Bancshares in the first quarter worth approximately $245,000. Trexquant Investment LP bought a new position in shares of TriCo Bancshares in the second quarter worth approximately $243,000. Finally, Susquehanna International Group LLP bought a new position in shares of TriCo Bancshares in the second quarter worth approximately $245,000. 69.56% of the stock is owned by hedge funds and other institutional investors.

About TriCo Bancshares

TriCo Bancshares is a bank holding company. The Company’s principal subsidiary is Tri Counties Bank, a California-chartered commercial bank (the Bank). The Bank offers banking services to retail customers and small to medium-sized businesses through 68 branch offices in Northern and Central California.

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