TriCo Bancshares (NASDAQ:TCBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $44.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.00% from the stock’s previous close.
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. “
Several other research firms have also recently issued reports on TCBK. FIG Partners cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $45.00 target price on shares of TriCo Bancshares in a research note on Friday, December 22nd. ValuEngine raised TriCo Bancshares from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Finally, BidaskClub cut TriCo Bancshares from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. TriCo Bancshares presently has an average rating of “Buy” and an average target price of $41.67.
TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Tuesday, January 30th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.08). The business had revenue of $57.57 million for the quarter, compared to analyst estimates of $58.45 million. TriCo Bancshares had a return on equity of 9.70% and a net margin of 17.52%. analysts predict that TriCo Bancshares will post 2.57 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of TCBK. MetLife Investment Advisors LLC purchased a new position in TriCo Bancshares in the fourth quarter valued at $371,000. Stone Ridge Asset Management LLC purchased a new position in TriCo Bancshares in the fourth quarter valued at $409,000. Deutsche Bank AG boosted its holdings in TriCo Bancshares by 142.5% in the fourth quarter. Deutsche Bank AG now owns 61,253 shares of the financial services provider’s stock valued at $2,316,000 after purchasing an additional 35,997 shares during the period. Kavi Asset Management LP purchased a new position in TriCo Bancshares in the fourth quarter valued at $2,858,000. Finally, AXA boosted its holdings in TriCo Bancshares by 22.7% in the fourth quarter. AXA now owns 16,200 shares of the financial services provider’s stock valued at $613,000 after purchasing an additional 3,000 shares during the period. 69.74% of the stock is owned by institutional investors.
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About TriCo Bancshares
TriCo Bancshares is a bank holding company. The Company’s principal subsidiary is Tri Counties Bank, a California-chartered commercial bank (the Bank). The Bank offers banking services to retail customers and small to medium-sized businesses through 68 branch offices in Northern and Central California.
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