TriCo Bancshares (NASDAQ:TCBK) Price Target Lowered to $50.00 at Piper Sandler

TriCo Bancshares (NASDAQ:TCBK) had its target price trimmed by Piper Sandler from $53.00 to $50.00 in a research report sent to investors on Monday, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

TCBK has been the subject of several other reports. Janney Montgomery Scott reissued a “neutral” rating on shares of TriCo Bancshares in a research note on Friday, July 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Stephens lifted their target price on TriCo Bancshares from $43.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, DA Davidson boosted their target price on TriCo Bancshares from $41.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.20.

TriCo Bancshares Stock Up 4.0 %

Shares of TCBK stock opened at $43.90 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $1.46 billion, a PE ratio of 13.38 and a beta of 0.54. The business’s fifty day moving average is $43.31 and its 200-day moving average is $40.49. TriCo Bancshares has a 1 year low of $31.73 and a 1 year high of $48.80.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.60%. The firm had revenue of $133.84 million for the quarter, compared to analysts’ expectations of $98.65 million. Equities analysts expect that TriCo Bancshares will post 3.34 earnings per share for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.33 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.01%. TriCo Bancshares’s payout ratio is currently 40.24%.

Insider Transactions at TriCo Bancshares

In related news, Director Cory W. Giese sold 3,465 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $43.11, for a total value of $149,376.15. Following the completion of the sale, the director now directly owns 11,228 shares of the company’s stock, valued at approximately $484,039.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other TriCo Bancshares news, Director Michael W. Koehnen sold 1,400 shares of TriCo Bancshares stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total transaction of $63,280.00. Following the completion of the sale, the director now owns 3,000 shares of the company’s stock, valued at $135,600. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Cory W. Giese sold 3,465 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $43.11, for a total transaction of $149,376.15. Following the completion of the transaction, the director now directly owns 11,228 shares in the company, valued at $484,039.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TCBK. Mutual of America Capital Management LLC lifted its holdings in shares of TriCo Bancshares by 17.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 138,616 shares of the financial services provider’s stock valued at $5,098,000 after buying an additional 20,629 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in TriCo Bancshares by 200.3% in the first quarter. BNP Paribas Financial Markets now owns 24,384 shares of the financial services provider’s stock valued at $897,000 after acquiring an additional 16,263 shares during the last quarter. Russell Investments Group Ltd. grew its position in TriCo Bancshares by 58.5% in the first quarter. Russell Investments Group Ltd. now owns 98,469 shares of the financial services provider’s stock worth $3,622,000 after acquiring an additional 36,362 shares in the last quarter. Empowered Funds LLC increased its stake in shares of TriCo Bancshares by 135.1% during the 1st quarter. Empowered Funds LLC now owns 46,554 shares of the financial services provider’s stock worth $1,712,000 after purchasing an additional 26,751 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of TriCo Bancshares during the 1st quarter valued at $489,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Company Profile

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; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.