TriCo Bancshares (NASDAQ:TCBK) Cut to “Neutral” at DA Davidson

DA Davidson cut shares of TriCo Bancshares (NASDAQ:TCBK) from a buy rating to a neutral rating in a research report report published on Tuesday, MarketBeat.com reports. The brokerage currently has $53.00 price target on the financial services provider’s stock, up from their prior price target of $50.00.

TCBK has been the topic of several other reports. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Piper Sandler cut their price objective on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Stephens cut their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $48.00 price objective (up from $42.00) on shares of TriCo Bancshares in a report on Monday, July 29th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, TriCo Bancshares has an average rating of “Hold” and an average price target of $48.20.

TriCo Bancshares Trading Down 0.5 %

Shares of NASDAQ:TCBK opened at $47.61 on Tuesday. The business’s 50-day moving average is $43.66 and its 200 day moving average is $41.52. TriCo Bancshares has a 1 year low of $31.73 and a 1 year high of $50.63. The firm has a market capitalization of $1.57 billion, a P/E ratio of 14.17 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The company had revenue of $133.84 million for the quarter, compared to analyst estimates of $98.65 million. On average, research analysts predict that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were given a dividend of $0.33 per share. The ex-dividend date was Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a yield of 2.77%. TriCo Bancshares’s dividend payout ratio is currently 39.29%.

Insiders Place Their Bets

In other news, Director Michael W. Koehnen sold 1,400 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total value of $63,280.00. Following the transaction, the director now owns 3,000 shares in the company, valued at $135,600. This trade represents a 31.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.64% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TriCo Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in TCBK. BNP Paribas Financial Markets lifted its position in shares of 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 in the last quarter. Quantbot Technologies LP purchased a new position in TriCo Bancshares during the first quarter worth approximately $227,000. Empowered Funds LLC lifted its position in TriCo Bancshares by 135.1% during the first quarter. Empowered Funds LLC now owns 46,554 shares of the financial services provider’s stock worth $1,712,000 after buying an additional 26,751 shares in the last quarter. SG Americas Securities LLC lifted its position in TriCo Bancshares by 8.2% during the first quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider’s stock worth $139,000 after buying an additional 287 shares in the last quarter. Finally, Sei Investments Co. lifted its position in TriCo Bancshares by 4.4% during the first quarter. Sei Investments Co. now owns 18,045 shares of the financial services provider’s stock worth $664,000 after buying an additional 764 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

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