State Street Corp Lowers Stock Position in TriCo Bancshares (NASDAQ:TCBK)

State Street Corp trimmed its stake in TriCo Bancshares (NASDAQ:TCBK) by 1.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 892,227 shares of the financial services provider’s stock after selling 13,497 shares during the period. State Street Corp owned about 2.70% of TriCo Bancshares worth $38,053,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of TriCo Bancshares by 5.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 184,610 shares of the financial services provider’s stock valued at $7,305,000 after buying an additional 9,723 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of TriCo Bancshares by 10.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,973 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 758 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of TriCo Bancshares by 7.5% in the second quarter. Principal Financial Group Inc. now owns 13,978 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 973 shares during the period. Hantz Financial Services Inc. acquired a new position in shares of TriCo Bancshares in the second quarter valued at approximately $1,002,000. Finally, Rhumbline Advisers increased its stake in TriCo Bancshares by 1.8% during the 2nd quarter. Rhumbline Advisers now owns 63,125 shares of the financial services provider’s stock worth $2,498,000 after buying an additional 1,109 shares during the period. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TCBK has been the subject of several recent research reports. Piper Sandler decreased their price target on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $50.00 to $53.00 in a research note on Tuesday, November 12th. Finally, Stephens decreased their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. 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, TriCo Bancshares currently has an average rating of “Hold” and a consensus target price of $48.20.

TriCo Bancshares Stock Up 1.3 %

TriCo Bancshares stock opened at $44.45 on Friday. The stock has a market cap of $1.47 billion, a PE ratio of 13.23 and a beta of 0.56. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s fifty day moving average is $46.44 and its two-hundred day moving average is $43.33. TriCo Bancshares has a 1-year low of $31.73 and a 1-year high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The business had revenue of $133.84 million for the quarter, compared to analyst estimates of $98.65 million. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. On average, sell-side analysts expect that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 6th. TriCo Bancshares’s payout ratio is 39.29%.

Insider Activity at TriCo Bancshares

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total value of $252,297.00. Following the completion of the transaction, the director now owns 6,128 shares in the company, valued at $303,152.16. This represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.64% of the company’s stock.

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.