TriCo Bancshares (NASDAQ:TCBK) Downgraded by Stephens to Equal Weight

Stephens lowered shares of TriCo Bancshares (NASDAQ:TCBK) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. They currently have $54.00 price objective on the financial services provider’s stock.

TCBK has been the subject of several other reports. Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. DA Davidson boosted their target price on TriCo Bancshares from $55.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. Raymond James Financial cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, Piper Sandler downgraded TriCo Bancshares from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $63.00 to $61.00 in a report on Tuesday. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, TriCo Bancshares currently has an average rating of “Hold” and a consensus price target of $56.40.

TriCo Bancshares Price Performance

TriCo Bancshares stock opened at $59.43 on Wednesday. The business has a fifty day moving average price of $52.06 and a 200-day moving average price of $50.12. TriCo Bancshares has a one year low of $39.84 and a one year high of $60.42. The firm has a market capitalization of $1.90 billion, a P/E ratio of 15.05 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Monday, March 2nd. The financial services provider reported $1.03 earnings per share for the quarter. TriCo Bancshares had a return on equity of 9.87% and a net margin of 23.71%.The company had revenue of $111.21 million during the quarter. As a group, equities research analysts forecast that TriCo Bancshares will post 4.22 EPS for the current year.

TriCo Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, June 5th. TriCo Bancshares’s payout ratio is currently 36.46%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC raised its stake in shares of TriCo Bancshares by 337.5% in the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after buying an additional 459 shares during the period. Danske Bank A S purchased a new position in shares of TriCo Bancshares in the fourth quarter valued at about $28,000. Farther Finance Advisors LLC boosted its stake in shares of TriCo Bancshares by 40.3% in the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 211 shares during the period. Abound Financial LLC bought a new position in shares of TriCo Bancshares in the fourth quarter worth about $43,000. Finally, Parallel Advisors LLC grew its position in shares of TriCo Bancshares by 88.5% during the first quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 676 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares News Roundup

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

• Positive Sentiment: TriCo Bancshares agreed to be acquired by First Hawaiian, Inc. in an all-stock deal, with TriCo shareholders set to receive 2.095 First Hawaiian shares for each TCBK share. The takeover news is the main driver behind the stock’s recent move higher. Article Title
• Positive Sentiment: DA Davidson raised its price target on TriCo Bancshares to $66 from $55, indicating analysts still see value above the current trading level even while keeping a neutral rating. Article Title
• Neutral Sentiment: TriCo Bancshares set a new 52-week high, reinforcing strong recent momentum after the merger announcement and spike in trading volume. Article Title
• Neutral Sentiment: Analysts have had mixed views on TriCo Bancshares, reflecting uncertainty about how much upside remains after the sharp rally and pending acquisition. Article Title
• Neutral Sentiment: Investigation headlines from Kahn Swick & Foti and Brodsky & Smith add some legal overhang around the proposed sale process, but they do not indicate a formal enforcement action. Article Title
• Negative Sentiment: Stephens downgraded TriCo Bancshares from overweight to equal weight and set a $54 price target, suggesting limited upside and potential downside from recent levels. Article Title

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.