TriCo Bancshares (NASDAQ:TCBK) Rating Lowered to Neutral at DA Davidson

TriCo Bancshares (NASDAQ:TCBK) was downgraded by stock analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report released on Tuesday, Marketbeat.com reports. They presently have a $53.00 price objective on the financial services provider’s stock, up from their prior price objective of $50.00. DA Davidson’s price objective would indicate a potential upside of 10.79% from the stock’s previous close.

Several other research analysts also recently issued reports on TCBK. Stephens dropped their price objective on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a report on Monday, July 29th. Piper Sandler dropped their price objective on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Finally, Janney Montgomery Scott restated a “neutral” rating on shares of TriCo Bancshares in a report on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, TriCo Bancshares has an average rating of “Hold” and a consensus price target of $48.20.

TriCo Bancshares Trading Down 1.1 %

TriCo Bancshares stock opened at $47.84 on Tuesday. The company has a 50 day moving average price of $43.59 and a 200 day moving average price of $41.48. TriCo Bancshares has a 52 week low of $31.73 and a 52 week high of $50.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 14.24 and a beta of 0.54.

TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The firm had revenue of $133.84 million during the quarter, compared to analyst estimates of $98.65 million. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. Research analysts forecast that TriCo Bancshares will post 3.38 EPS for the current year.

Insider Activity at TriCo Bancshares

In other TriCo Bancshares news, Director Michael W. Koehnen sold 1,400 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total value of $63,280.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at $135,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Cory W. Giese sold 3,465 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $43.11, for a total transaction of $149,376.15. Following the transaction, the director now directly owns 11,228 shares in the company, valued at approximately $484,039.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael W. Koehnen sold 1,400 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now owns 3,000 shares in the company, valued at $135,600. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TriCo Bancshares

Several large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in TriCo Bancshares by 75.1% in the third quarter. BNP Paribas Financial Markets now owns 11,187 shares of the financial services provider’s stock valued at $477,000 after buying an additional 4,799 shares during the period. Quantbot Technologies LP acquired a new position in TriCo Bancshares in the third quarter valued at approximately $129,000. Cerity Partners LLC acquired a new position in TriCo Bancshares in the third quarter valued at approximately $678,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in TriCo Bancshares in the third quarter valued at approximately $210,000. Finally, Quest Partners LLC acquired a new position in TriCo Bancshares in the third quarter valued at approximately $588,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

TriCo Bancshares Company Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.