Bank of Nova Scotia Makes New Investment in TriCo Bancshares (NASDAQ:TCBK)

Bank of Nova Scotia purchased a new position in shares of TriCo Bancshares (NASDAQ:TCBK – Get Rating) during the 4th quarter, Holdings Channel.com reports. The fund purchased 5,746 shares of the financial services provider’s stock, valued at approximately $293,000.

Several other large investors have also recently made changes to their positions in TCBK. Quadrant Capital Group LLC raised its stake in shares of TriCo Bancshares by 100.4% during the third quarter. Quadrant Capital Group LLC now owns 1,080 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 541 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of TriCo Bancshares by 125.1% in the fourth quarter. Parallel Advisors LLC now owns 961 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 534 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of TriCo Bancshares in the third quarter worth approximately $50,000. FourThought Financial LLC grew its holdings in shares of TriCo Bancshares by 28.4% in the third quarter. FourThought Financial LLC now owns 1,770 shares of the financial services provider’s stock worth $79,000 after purchasing an additional 392 shares during the last quarter. Finally, Captrust Financial Advisors grew its holdings in shares of TriCo Bancshares by 21.7% in the second quarter. Captrust Financial Advisors now owns 1,853 shares of the financial services provider’s stock worth $85,000 after purchasing an additional 331 shares during the last quarter. 60.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TCBK shares. StockNews.com started coverage on shares of TriCo Bancshares in a report on Thursday, May 18th. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods cut their target price on shares of TriCo Bancshares from $61.00 to $52.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Stephens cut their target price on shares of TriCo Bancshares from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, January 31st. Piper Sandler cut their price target on shares of TriCo Bancshares from $59.00 to $46.00 in a report on Monday, May 1st. Finally, Raymond James cut their price target on shares of TriCo Bancshares from $45.00 to $40.00 in a report on Thursday, April 27th.

TriCo Bancshares Stock Performance

NASDAQ:TCBK opened at $34.14 on Friday. The stock has a market cap of $1.13 billion, a P/E ratio of 8.11 and a beta of 0.56. The firm’s fifty day simple moving average is $37.34 and its 200 day simple moving average is $46.12. TriCo Bancshares has a twelve month low of $28.66 and a twelve month high of $58.62. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.49.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 23rd. Stockholders of record on Friday, June 9th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Thursday, June 8th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 28.50%.

TriCo Bancshares Profile

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TriCo Bancshares is a bank holding company, which engages in the provision of banking services to retail customers and small to medium-sized businesses. It offers personal and business accounts, personal and business loans and credit, and personal and business services. The company was founded on October 13, 1981 and is headquartered in Chico, CA.