TriCo Bancshares (NASDAQ:TCBK) Receives Consensus “Buy” Recommendation From Brokerages
TriCo Bancshares (NASDAQ:TCBK – Get Rating) received a consensus “Buy” recommendation from the seven research firms that cover the business, Marketbeat reports. One research analyst rated the stock with a hold rating and six issued a buy rating on the company. The 1-year average price target among analysts who have covered the stock over the past year is $47.67.
TCBK has been the subject of a number of research reports. Zacks Investment Research moved shares of TriCo Bancshares from a “hold” rating to a “buy” rating and set a price target of $44.00 for the company in a Wednesday, April 6 research note. Stephens upgraded TriCo Bancshares from an “equal weight” rating to an “overweight” rating and raised its price target for the company from $46.00 to $48.00 in a Wednesday May 11 research note . Piper Sandler lowered its target price on TriCo Bancshares from $52.00 to $49.00 and set an “overweight” rating for the company in a Tuesday, May 17 research note. StockNews.com began covering TriCo Bancshares in a research report on Thursday, March 31. They have set a “holding” rating on the stock. Finally, Janney Montgomery Scott upgraded TriCo Bancshares from a “neutral” rating to a “buy” rating and set a price target of $49.00 for the company in a Tuesday, May 3 research report.
Separately, director Anthony L. Leggio purchased 1,588 shares of the company in a transaction dated Tuesday, May 3. The shares were purchased at an average price of $39.69 per share, with a total value of $63,027.72. Following the purchase, the director now owns 108,597 shares of the company, valued at approximately $4,310,214.93. The acquisition was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, director Cory W. Giese sold 2,500 shares in a trade dated Tuesday, May 17. The stock was sold at an average price of $42.00, for a total transaction of $105,000.00. Following completion of the transaction, the director now directly owns 9,503 shares of the company, valued at $399,126. The disclosure of this sale can be found here. 4.10% of the shares are currently held by insiders of the company.
A number of institutional investors and hedge funds have recently bought and sold shares of TCBK. BlackRock Inc. increased its holdings in TriCo Bancshares by 2.3% in the fourth quarter. BlackRock Inc. now owns 2,302,574 shares of the financial services provider worth $98,920,000 after purchasing an additional 51,537 shares during the period. Vanguard Group Inc. increased its equity stake in TriCo Bancshares by 3.9% in Q1. Vanguard Group Inc. now owns 1,418,186 shares of the financial services provider worth $56,770,000 after buying an additional 52,760 shares in the last quarter. Dimensional Fund Advisors LP increased its position in TriCo Bancshares by 2.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,269,618 shares of the financial services provider valued at $50,824,000 after buying an additional 35,630 shares last quarter. Franklin Resources Inc. increased its stake in TriCo Bancshares by 0.6% during the third quarter. Franklin Resources Inc. now owns 1,247,047 shares of the financial services provider valued at $54,122,000 after buying an additional 7,354 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in TriCo Bancshares by 1.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,036,585 shares of the financial services provider worth $44,532,000 after acquiring 13,664 additional shares last quarter. Institutional investors and hedge funds own 57.69% of the company’s shares.
Shares of TriCo Bancshares opened at $45.77 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt ratio of 0.12. The company has a market capitalization of $1.55 billion, a PE ratio of 13.15 and a beta of 0.55. The company’s 50-day moving average price is $40.62 and its 200-day moving average price is $42.56. TriCo Bancshares has a 12-month low of $37.41 and a 12-month high of $48.96.
TriCo Bancshares (NASDAQ:TCBK – Get Rating) last released its results on Thursday, April 28. The financial services provider reported earnings per share of $0.67 for the quarter, beating analysts’ consensus estimate of $0.65 by $0.02. The company posted revenue of $83.02 million in the quarter, versus a consensus estimate of $86.35 million. TriCo Bancshares had a return on equity of 10.29% and a net margin of 30.61%. As a group, analysts predict that TriCo Bancshares will post 3.71 earnings per share for the current financial year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24. Shareholders of record on Friday, June 10 will receive a dividend of $0.25. This represents an annualized dividend of $1.00 and a yield of 2.18%. The ex-date of this dividend is Thursday, June 9. TriCo Bancshares’ dividend payout ratio (DPR) is currently 28.74%.
TriCo Bancshares Company Profile (Get a rating)
TriCo Bancshares operates as a bank holding company for Tri Counties Bank which provides retail and corporate commercial banking services. The company accepts demand, savings and term 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 housing construction loans.
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