TriCo Bancshares (NASDAQ:TCBK) Price Target Raised to $54.00

TriCo Bancshares (NASDAQ:TCBK) had its price target lifted by DA Davidson from $51.00 to $54.00 in a research report report published on Friday, MarketBeat Ratings reports. The firm currently has a neutral rating on the financial services provider’s stock.

TCBK has been the subject of a number of other reports. Raymond James Financial restated an “outperform” rating and issued a $46.00 price target (up from $45.00) on shares of TriCo Bancshares in a report on Friday, October 24th. Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TriCo Bancshares in a research report on Monday, December 29th. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 25th. Finally, Keefe, Bruyette & Woods boosted their price objective on TriCo Bancshares from $46.00 to $50.00 and gave the company a “market perform” rating in a report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.40.

TriCo Bancshares Trading Down 2.9%

Shares of TCBK stock opened at $49.98 on Friday. TriCo Bancshares has a fifty-two week low of $35.20 and a fifty-two week high of $52.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a 50 day simple moving average of $48.38 and a two-hundred day simple moving average of $45.32. The company has a market cap of $1.62 billion, a P/E ratio of 13.47 and a beta of 0.63.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $1.01 by $0.02. The company had revenue of $109.40 million during the quarter, compared to the consensus estimate of $108.19 million. TriCo Bancshares had a net margin of 22.56% and a return on equity of 9.53%. Research analysts forecast that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, December 5th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 38.81%.

Institutional Investors Weigh In On TriCo Bancshares

A number of institutional investors have recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV purchased a new stake in TriCo Bancshares during the third quarter worth about $6,972,000. ProShare Advisors LLC grew its position in shares of TriCo Bancshares by 2,137.5% during the 2nd quarter. ProShare Advisors LLC now owns 154,969 shares of the financial services provider’s stock valued at $6,275,000 after acquiring an additional 148,043 shares during the period. Franklin Resources Inc. increased its stake in shares of TriCo Bancshares by 7.9% during the 2nd quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock worth $69,880,000 after purchasing an additional 126,571 shares during the last quarter. Allworth Financial LP increased its stake in shares of TriCo Bancshares by 1,339.5% during the 2nd quarter. Allworth Financial LP now owns 119,393 shares of the financial services provider’s stock worth $4,834,000 after purchasing an additional 111,099 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of TriCo Bancshares by 292.7% in the 3rd quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider’s stock worth $6,009,000 after purchasing an additional 100,858 shares during the period. 59.11% of the stock is owned by institutional investors.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.