Keefe, Bruyette & Woods Issues Pessimistic Forecast for TriCo Bancshares (NASDAQ:TCBK) Stock Price

TriCo Bancshares (NASDAQ:TCBK) had its price objective decreased by equities researchers at Keefe, Bruyette & Woods from $53.00 to $50.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 12.64% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Piper Sandler reduced their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Stephens reduced their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Finally, DA Davidson downgraded TriCo Bancshares from a “buy” rating to a “neutral” rating and upped their target price for the stock from $50.00 to $53.00 in a research note on Tuesday, November 12th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $50.75.

TriCo Bancshares Price Performance

Shares of TCBK stock opened at $44.39 on Tuesday. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 13.21 and a beta of 0.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s 50-day simple moving average is $45.40 and its 200-day simple moving average is $44.46. TriCo Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.09. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. As a group, equities analysts forecast that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Cory W. Giese sold 5,100 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total transaction of $252,297.00. Following the completion of the sale, the director now owns 6,128 shares of the company’s stock, valued at $303,152.16. This represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.64% of the company’s stock.

Institutional Trading of TriCo Bancshares

A number of hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. lifted its position in TriCo Bancshares by 839.2% during the third quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock worth $5,577,000 after buying an additional 116,838 shares in the last quarter. Barclays PLC grew its stake in shares of TriCo Bancshares by 127.0% in the 3rd quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock valued at $2,468,000 after buying an additional 32,379 shares during the period. JPMorgan Chase & Co. raised its position in shares of TriCo Bancshares by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock valued at $19,041,000 after buying an additional 25,817 shares during the period. Versor Investments LP acquired a new stake in TriCo Bancshares during the third quarter worth $699,000. Finally, Cerity Partners LLC acquired a new stake in shares of TriCo Bancshares during the third quarter valued at about $678,000. Institutional investors and hedge funds 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.