Keefe, Bruyette & Woods Issues Pessimistic Forecast for TriCo Bancshares (NASDAQ:TCBK) Stock Price

TriCo Bancshares (NASDAQ:TCBK) had its price objective lowered by Keefe, Bruyette & Woods from $53.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 13.25% from the stock’s previous close.

A number of other analysts have also commented on TCBK. Piper Sandler reduced 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 note on Monday, October 28th. DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their price target for the company from $50.00 to $53.00 in a report on Tuesday, November 12th. Finally, Stephens cut their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, TriCo Bancshares currently has an average rating of “Hold” and a consensus price target of $50.75.

TriCo Bancshares Stock Performance

TriCo Bancshares stock opened at $44.15 on Tuesday. TriCo Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $51.06. The stock’s 50 day simple moving average is $45.30 and its two-hundred day simple moving average is $44.48. 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 stock has a market cap of $1.46 billion, a price-to-earnings ratio of 13.14 and a beta of 0.58.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. As a group, analysts expect that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was 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 directly owns 6,128 shares in the company, valued at $303,152.16. This represents a 45.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in TriCo Bancshares during the 4th quarter valued at approximately $212,000. SG Americas Securities LLC raised its stake in TriCo Bancshares by 27.1% during the fourth quarter. SG Americas Securities LLC now owns 11,783 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 2,512 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in TriCo Bancshares by 23.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 160,987 shares of the financial services provider’s stock valued at $7,035,000 after purchasing an additional 30,227 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of TriCo Bancshares by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock worth $19,041,000 after buying an additional 25,817 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of TriCo Bancshares by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 781,650 shares of the financial services provider’s stock worth $33,344,000 after buying an additional 5,155 shares during the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

About TriCo Bancshares

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.