Zacks: TriCo Bancshares (NASDAQ:TCBK) Receives Average Rating of “Hold” from Analysts
Shares of TriCo Bancshares (NASDAQ:TCBK) have been assigned an average broker rating score of 2.50 (Hold) from the four analysts that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. TriCo Bancshares’ rating score has declined by 25% in the last 90 days as a result of a number of analysts’ ratings changes.
Analysts have set a one year consensus target price of $29.00 for the company and are expecting that the company will post $0.48 EPS for the current quarter, according to Zacks. Zacks has also given TriCo Bancshares an industry rank of 179 out of 265 based on the ratings given to related companies.
TCBK has been the topic of a number of analyst reports. Zacks Investment Research lowered TriCo Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Keefe, Bruyette & Woods lowered TriCo Bancshares from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $30.00 to $29.00 in a research note on Friday, July 29th. Finally, FIG Partners cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd.
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In other news, EVP Craig B. Carney sold 4,679 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $27.01, for a total value of $126,379.79. Following the completion of the transaction, the executive vice president now directly owns 10,288 shares in the company, valued at approximately $277,878.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Carol A. Ward sold 3,944 shares of the company’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $28.11, for a total value of $110,865.84. The disclosure for this sale can be found here. Corporate insiders own 10.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of TCBK. Royal Bank of Canada boosted its position in TriCo Bancshares by 5,061.9% in the first quarter. Royal Bank of Canada now owns 44,496 shares of the financial services provider’s stock worth $1,126,000 after buying an additional 43,634 shares during the last quarter. Panagora Asset Management Inc. boosted its position in TriCo Bancshares by 17.8% in the first quarter. Panagora Asset Management Inc. now owns 241,034 shares of the financial services provider’s stock worth $6,103,000 after buying an additional 36,491 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in TriCo Bancshares by 2.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,964 shares of the financial services provider’s stock worth $430,000 after buying an additional 480 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in TriCo Bancshares by 8.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 32,680 shares of the financial services provider’s stock worth $827,000 after buying an additional 2,500 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in TriCo Bancshares by 6.6% in the first quarter. Renaissance Technologies LLC now owns 640,037 shares of the financial services provider’s stock worth $16,206,000 after buying an additional 39,400 shares during the last quarter. Hedge funds and other institutional investors own 66.43% of the company’s stock.
TriCo Bancshares (NASDAQ:TCBK) traded up 0.45% during mid-day trading on Wednesday, hitting $26.70. The stock had a trading volume of 20,724 shares. TriCo Bancshares has a 52 week low of $23.47 and a 52 week high of $29.65. The company’s 50 day moving average is $26.45 and its 200-day moving average is $26.75. The stock has a market capitalization of $609.35 million, a P/E ratio of 13.91 and a beta of 1.08.
TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by $0.10. TriCo Bancshares had a net margin of 20.72% and a return on equity of 9.65%. On average, analysts expect that TriCo Bancshares will post $1.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Monday, September 12th. TriCo Bancshares’s payout ratio is 31.09%.
TriCo Bancshares Company Profile
TriCo Bancshares is the bank holding company of Tri Counties Bank (the Bank). The Company operates through community banking segment. The Bank is engaged in the general commercial banking business in approximately 30 counties in Northern and Central California. The Bank operates from over 50 traditional branches and over 10 in-store branches.
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