TriCo Bancshares (NASDAQ:TCBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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. “
Several other brokerages also recently issued reports on TCBK. Keefe, Bruyette & Woods downgraded shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $30.00 to $29.00 in a research report on Friday, July 29th. FIG Partners downgraded shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd.
Shares of TriCo Bancshares (NASDAQ:TCBK) opened at 26.56 on Wednesday. TriCo Bancshares has a 52-week low of $23.47 and a 52-week high of $29.65. The company has a market capitalization of $606.15 million, a price-to-earnings ratio of 13.83 and a beta of 1.06. The company’s 50-day moving average price is $26.69 and its 200-day moving average price is $26.82.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.10. TriCo Bancshares had a return on equity of 9.65% and a net margin of 20.72%. Equities research analysts forecast that TriCo Bancshares will post $1.84 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, September 14th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.26%. TriCo Bancshares’s payout ratio is 31.09%.
In other news, COO Carol A. Ward sold 3,944 shares of TriCo Bancshares stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $28.11, for a total value of $110,865.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Craig B. Carney sold 4,679 shares of TriCo Bancshares stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $27.01, for a total transaction of $126,379.79. Following the completion of the sale, the executive vice president now owns 10,288 shares of the company’s stock, valued at $277,878.88. The disclosure for this sale can be found here. 10.60% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in TCBK. Huntington Asset Advisors Inc. acquired a new stake in TriCo Bancshares during the first quarter worth $149,000. Paloma Partners Management Co acquired a new stake in TriCo Bancshares during the second quarter worth $204,000. KCG Holdings Inc. acquired a new stake in TriCo Bancshares during the second quarter worth $223,000. BlackRock Inc. increased its stake in TriCo Bancshares by 422.9% in the second quarter. BlackRock Inc. now owns 9,119 shares of the financial services provider’s stock worth $252,000 after buying an additional 7,375 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in TriCo Bancshares by 55.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 10,097 shares of the financial services provider’s stock worth $279,000 after buying an additional 3,613 shares during the last quarter. Institutional investors own 66.43% of the company’s stock.
TriCo Bancshares Company Profile
TriCo Bancshares is the bank holding company of Tri Counties Bank (the Bank). The Company operates through community banking segment. The Bank is engaged in the general commercial banking business in approximately 30 counties in Northern and Central California. The Bank operates from over 50 traditional branches and over 10 in-store branches.
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