Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a sell rating to a hold rating in a report released on Wednesday.
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
Separately, BidaskClub upgraded TriCo Bancshares from a sell rating to a hold rating in a report on Saturday, September 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $43.60.
NASDAQ TCBK traded down $0.99 on Wednesday, reaching $35.13. The company had a trading volume of 104,304 shares, compared to its average volume of 81,044. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 1.51 and a beta of 0.82. TriCo Bancshares has a fifty-two week low of $34.50 and a fifty-two week high of $43.79. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.41.
TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.03. The business had revenue of $58.04 million during the quarter, compared to the consensus estimate of $60.99 million. TriCo Bancshares had a return on equity of 10.38% and a net margin of 18.39%. Research analysts expect that TriCo Bancshares will post 2.56 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were issued a dividend of $0.17 per share. The ex-dividend date was Thursday, September 13th. This represents a $0.68 dividend on an annualized basis and a yield of 1.94%. TriCo Bancshares’s payout ratio is currently 32.69%.
A number of institutional investors have recently modified their holdings of TCBK. Wells Fargo & Company MN grew its holdings in TriCo Bancshares by 2.8% during the 1st quarter. Wells Fargo & Company MN now owns 55,243 shares of the financial services provider’s stock worth $2,055,000 after acquiring an additional 1,505 shares during the period. Swiss National Bank grew its holdings in TriCo Bancshares by 6.5% during the 1st quarter. Swiss National Bank now owns 36,000 shares of the financial services provider’s stock worth $1,340,000 after acquiring an additional 2,200 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in TriCo Bancshares by 3.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 107,144 shares of the financial services provider’s stock worth $3,988,000 after acquiring an additional 3,144 shares during the period. Northern Trust Corp grew its holdings in TriCo Bancshares by 0.5% during the 1st quarter. Northern Trust Corp now owns 570,295 shares of the financial services provider’s stock worth $21,226,000 after acquiring an additional 2,659 shares during the period. Finally, BlackRock Inc. boosted its position in shares of TriCo Bancshares by 1.9% during the 1st quarter. BlackRock Inc. now owns 1,514,474 shares of the financial services provider’s stock worth $56,368,000 after purchasing an additional 28,670 shares in the last quarter. Hedge funds and other institutional investors own 53.74% 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 retail customers and small to medium-sized businesses. It accepts demand, savings, and money market accounts, as well as time deposits; and provides residential and commercial real estate mortgage, consumer, commercial, agricultural, and real estate construction loans.
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