Zacks: Analysts Set $29.00 Target Price for TriCo Bancshares (TCBK)
TriCo Bancshares (NASDAQ:TCBK) has received a consensus broker rating score of 2.50 (Hold) from the four brokers that provide coverage for the stock, Zacks Investment Research reports. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. TriCo Bancshares’ rating score has declined by 25% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Brokers have set a one year consensus price target of $29.00 for the company and are anticipating 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 155 out of 265 based on the ratings given to its competitors.
A number of equities research analysts have recently commented on TCBK shares. Zacks Investment Research cut TriCo Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Keefe, Bruyette & Woods cut TriCo Bancshares from an “outperform” rating to a “market perform” rating and lowered their target price for the stock 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 note on Tuesday, August 2nd.
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In related news, EVP Craig B. Carney sold 4,679 shares of TriCo Bancshares 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 sale, the executive vice president now owns 10,288 shares of the company’s stock, valued at approximately $277,878.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.60% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in TCBK. Dimensional Fund Advisors LP raised its stake in shares of TriCo Bancshares by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 910,123 shares of the financial services provider’s stock valued at $25,119,000 after buying an additional 44,836 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of TriCo Bancshares by 3.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 888,679 shares of the financial services provider’s stock valued at $22,501,000 after buying an additional 30,352 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of TriCo Bancshares by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 663,061 shares of the financial services provider’s stock valued at $16,789,000 after buying an additional 13,128 shares during the period. Renaissance Technologies LLC raised its stake in shares of TriCo Bancshares by 6.6% in the first quarter. Renaissance Technologies LLC now owns 640,037 shares of the financial services provider’s stock valued at $16,206,000 after buying an additional 39,400 shares during the period. Finally, LSV Asset Management raised its stake in shares of TriCo Bancshares by 66.9% in the second quarter. LSV Asset Management now owns 388,708 shares of the financial services provider’s stock valued at $10,728,000 after buying an additional 155,772 shares during the period. 66.43% of the stock is owned by institutional investors.
TriCo Bancshares (NASDAQ:TCBK) traded down 0.07% during midday trading on Tuesday, reaching $26.83. 17,605 shares of the company traded hands. The firm has a 50-day moving average price of $26.70 and a 200-day moving average price of $26.85. The firm has a market capitalization of $612.31 million, a price-to-earnings ratio of 13.97 and a beta of 1.06. TriCo Bancshares has a one year low of $23.47 and a one year high of $29.65.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.51 by $0.10. TriCo Bancshares had a net margin of 20.72% and a return on equity of 9.65%. Equities analysts predict that TriCo Bancshares will post $1.84 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.23%. The ex-dividend date was Monday, September 12th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 31.09%.
About TriCo Bancshares
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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