TriCo Bancshares (TCBK) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a sell rating to a hold rating in a research note published on Wednesday morning.

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 commented on TCBK. BidaskClub downgraded shares of TriCo Bancshares from a hold rating to a sell rating in a research report on Wednesday, August 29th. ValuEngine cut TriCo Bancshares from a hold rating to a sell rating in a report on Friday, October 12th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $43.60.

Shares of TCBK stock traded down $0.35 during trading hours on Wednesday, hitting $36.59. 31,747 shares of the company were exchanged, compared to its average volume of 60,778. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 2.04 and a beta of 0.80. TriCo Bancshares has a fifty-two week low of $33.35 and a fifty-two week high of $43.79. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.41.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Monday, October 29th. The financial services provider reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $72.68 million during the quarter, compared to the consensus estimate of $72.54 million. TriCo Bancshares had a net margin of 18.77% and a return on equity of 11.22%. Analysts anticipate that TriCo Bancshares will post 2.57 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of TriCo Bancshares by 7.0% in the 3rd quarter. FMR LLC now owns 2,066,828 shares of the financial services provider’s stock worth $79,821,000 after purchasing an additional 134,374 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of TriCo Bancshares by 15.1% in the 3rd quarter. BlackRock Inc. now owns 1,823,597 shares of the financial services provider’s stock worth $70,429,000 after purchasing an additional 239,853 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of TriCo Bancshares by 4.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,234,764 shares of the financial services provider’s stock worth $46,243,000 after purchasing an additional 49,770 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of TriCo Bancshares by 6.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 608,278 shares of the financial services provider’s stock worth $23,493,000 after purchasing an additional 38,149 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of TriCo Bancshares by 1.1% in the 2nd quarter. Northern Trust Corp now owns 576,806 shares of the financial services provider’s stock worth $21,601,000 after purchasing an additional 6,511 shares in the last quarter. Institutional investors own 53.92% of the company’s stock.

About TriCo Bancshares

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to retail customers and small to medium-sized businesses. It accepts demand, savings, and money market accounts, as well as time deposits; and provides residential and commercial real estate mortgage, consumer, commercial, agricultural, and real estate construction loans.

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