Legal & General Group Plc Makes New Investment in TriCo Bancshares $TCBK

Legal & General Group Plc acquired a new stake in TriCo Bancshares (NASDAQ:TCBK) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 24,842 shares of the financial services provider’s stock, valued at approximately $1,338,000.

A number of other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in TriCo Bancshares during the 2nd quarter worth $137,197,000. Davis Asset Management L.P. purchased a new position in TriCo Bancshares in the 2nd quarter valued at about $56,376,000. North Reef Capital Management LP purchased a new position in TriCo Bancshares in the 4th quarter valued at about $22,994,000. The Manufacturers Life Insurance Company acquired a new stake in shares of TriCo Bancshares during the second quarter valued at about $22,526,000. Finally, Heartland Advisors Inc. acquired a new stake in shares of TriCo Bancshares during the second quarter valued at about $13,462,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Stock Performance

Shares of TriCo Bancshares stock opened at $54.40 on Monday. The firm has a market cap of $1.74 billion, a PE ratio of 13.05 and a beta of 0.59. The firm’s 50-day simple moving average is $56.41 and its 200-day simple moving average is $52.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. TriCo Bancshares has a 1 year low of $40.44 and a 1 year high of $61.71.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The business had revenue of $111.88 million for the quarter, compared to analysts’ expectations of $110.99 million. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.23%. Equities analysts forecast that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 11th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 34.53%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Piper Sandler boosted their price target on TriCo Bancshares from $61.00 to $63.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Stephens raised TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. 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 analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $56.60.

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.