Shares of TriCo Bancshares (NASDAQ:TCBK – Get Rating) have been given an average recommendation of “Moderate Buy” by the six research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $49.60.
Several research firms recently commented on TCBK. Raymond James upped their target price on shares of TriCo Bancshares from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Thursday, July 7th. Piper Sandler increased their price objective on shares of TriCo Bancshares to $56.00 in a research note on Monday, July 4th. Stephens upgraded shares of TriCo Bancshares from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $48.00 in a research note on Wednesday, May 11th. Finally, Janney Montgomery Scott upgraded shares of TriCo Bancshares from a “neutral” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, May 3rd.
Institutional Investors Weigh In On TriCo Bancshares
A number of hedge funds have recently made changes to their positions in TCBK. Allspring Global Investments Holdings LLC acquired a new stake in shares of TriCo Bancshares during the 4th quarter worth about $827,000. Qube Research & Technologies Ltd grew its holdings in TriCo Bancshares by 199.1% during the 4th quarter. Qube Research & Technologies Ltd now owns 20,920 shares of the financial services provider’s stock worth $899,000 after acquiring an additional 13,925 shares during the last quarter. American Century Companies Inc. bought a new stake in TriCo Bancshares during the 4th quarter worth about $635,000. Crawford Investment Counsel Inc. grew its holdings in TriCo Bancshares by 0.8% during the 4th quarter. Crawford Investment Counsel Inc. now owns 175,024 shares of the financial services provider’s stock worth $7,519,000 after acquiring an additional 1,440 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in TriCo Bancshares by 7.2% during the 4th quarter. Victory Capital Management Inc. now owns 12,534 shares of the financial services provider’s stock worth $538,000 after acquiring an additional 838 shares during the last quarter. Institutional investors and hedge funds own 57.69% of the company’s stock.
TriCo Bancshares Price Performance
TriCo Bancshares (NASDAQ:TCBK – Get Rating) last released its earnings results on Wednesday, July 27th. The financial services provider reported $0.93 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.06). TriCo Bancshares had a net margin of 29.83% and a return on equity of 10.39%. On average, sell-side analysts predict that TriCo Bancshares will post 3.89 EPS for the current year.
TriCo Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 10th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Thursday, June 9th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 28.90%.
About TriCo Bancshares
TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans.
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