TriCo Bancshares (NASDAQ:TCBK) Sets New 52-Week High – Time to Buy?

TriCo Bancshares (NASDAQ:TCBK)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $57.00 and last traded at $57.00, with a volume of 11684 shares trading hands. The stock had previously closed at $53.64.

Key Headlines Impacting TriCo Bancshares

Here are the key news stories impacting TriCo Bancshares this week:

• Positive Sentiment: TriCo agreed to be acquired by First Hawaiian in an all-stock transaction, which is the main catalyst behind the stock’s surge and reflects a significant acquisition premium. TriCo Bancshares (TCBK) Stock Jumps 12%: Here’s Why the Stock Is Trending Today
• Positive Sentiment: DA Davidson raised its price target on TriCo, signaling a higher estimated valuation even while keeping a neutral rating. Benzinga report on DA Davidson price target increase
• Neutral Sentiment: Multiple shareholder law firms have announced investigations into whether TriCo’s board obtained a fair price and followed a proper process in the sale. TriCo Bancshares Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of TriCo Bancshares – TCBK
• Negative Sentiment: Those legal and process challenges could create uncertainty around deal approval, timing, or terms, which may temper upside if investors worry the transaction could face scrutiny. Shareholder Alert: Ademi LLP investigates whether TriCo Bancshares is obtaining a Fair Price for Public Shareholders

Analyst Ratings Changes

A number of research firms have recently commented on TCBK. Raymond James Financial cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Piper Sandler lowered shares of TriCo Bancshares from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $61.00 in a research report on Tuesday. DA Davidson raised their price objective on shares of TriCo Bancshares from $55.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday. Zacks Research lowered shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, TriCo Bancshares currently has a consensus rating of “Hold” and a consensus price target of $56.60.

TriCo Bancshares Trading Down 2.1%

The firm has a fifty day moving average of $51.88 and a two-hundred day moving average of $50.04. The company has a market cap of $1.88 billion, a PE ratio of 14.89 and a beta of 0.60. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Monday, March 2nd. The financial services provider reported $1.03 EPS for the quarter. The business had revenue of $111.21 million for the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. As a group, sell-side analysts predict that TriCo Bancshares will post 4.22 EPS for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.4%. TriCo Bancshares’s payout ratio is 36.46%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its stake in TriCo Bancshares by 40.3% during the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock valued at $35,000 after buying an additional 211 shares during the period. Federated Hermes Inc. grew its position in TriCo Bancshares by 17.7% during the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock worth $78,000 after buying an additional 290 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in TriCo Bancshares by 1.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider’s stock worth $1,433,000 after acquiring an additional 329 shares during the last quarter. Sweeney & Michel LLC raised its holdings in shares of TriCo Bancshares by 0.3% in the 1st quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider’s stock valued at $6,318,000 after acquiring an additional 347 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of TriCo Bancshares by 337.5% in the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 459 shares in the last quarter. 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.