Denali Advisors LLC Invests $719,000 in TriCo Bancshares $TCBK

Denali Advisors LLC bought a new stake in shares of TriCo Bancshares (NASDAQ:TCBK) in the third quarter, Holdings Channel reports. The fund bought 16,200 shares of the financial services provider’s stock, valued at approximately $719,000.

Several other large investors have also recently modified their holdings of TCBK. JPMorgan Chase & Co. increased its position in shares of TriCo Bancshares by 13.4% during the third quarter. JPMorgan Chase & Co. now owns 361,435 shares of the financial services provider’s stock valued at $16,051,000 after acquiring an additional 42,657 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in TriCo Bancshares in the 3rd quarter worth $76,000. New York State Common Retirement Fund raised its stake in shares of TriCo Bancshares by 38.7% in the third quarter. New York State Common Retirement Fund now owns 15,048 shares of the financial services provider’s stock worth $668,000 after buying an additional 4,200 shares during the period. Ballentine Partners LLC purchased a new position in TriCo Bancshares during the third quarter valued at approximately $208,000. Finally, Ridgewood Investments LLC lifted its stake in shares of TriCo Bancshares by 20.2% during the 3rd quarter. Ridgewood Investments LLC now owns 12,387 shares of the financial services provider’s stock valued at $550,000 after buying an additional 2,081 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Price Performance

TCBK opened at $50.30 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $1.64 billion, a PE ratio of 13.56 and a beta of 0.64. The business’s 50-day moving average is $49.44 and its two-hundred day moving average is $46.27. TriCo Bancshares has a 1 year low of $35.20 and a 1 year high of $53.18.

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

TriCo Bancshares Announces Dividend

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

Wall Street Analysts Forecast Growth

TCBK has been the topic of a number of research analyst reports. Stephens boosted their price target on TriCo Bancshares from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods increased their price target on shares of TriCo Bancshares from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, January 26th. Piper Sandler lifted their price objective on shares of TriCo Bancshares from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Raymond James Financial restated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of TriCo Bancshares in a research report on Friday, October 24th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, TriCo Bancshares presently has a consensus rating of “Hold” and a consensus price target of $53.80.

TriCo Bancshares 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.