JPMorgan Chase & Co. Buys 25,817 Shares of TriCo Bancshares (NASDAQ:TCBK)

JPMorgan Chase & Co. lifted its stake in TriCo Bancshares (NASDAQ:TCBK) by 6.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 446,455 shares of the financial services provider’s stock after buying an additional 25,817 shares during the period. JPMorgan Chase & Co. owned about 1.35% of TriCo Bancshares worth $19,041,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of TCBK. Assenagon Asset Management S.A. raised its stake in shares of TriCo Bancshares by 839.2% in the third quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock valued at $5,577,000 after acquiring an additional 116,838 shares during the last quarter. American Century Companies Inc. grew its position in TriCo Bancshares by 27.3% during the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock worth $15,975,000 after acquiring an additional 86,689 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in TriCo Bancshares by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock valued at $59,471,000 after purchasing an additional 50,358 shares in the last quarter. Barclays PLC boosted its stake in TriCo Bancshares by 127.0% in the third quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock worth $2,468,000 after purchasing an additional 32,379 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of TriCo Bancshares by 8.9% during the second quarter. Renaissance Technologies LLC now owns 235,867 shares of the financial services provider’s stock worth $9,333,000 after purchasing an additional 19,224 shares during the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Stephens lowered their target price 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. Piper Sandler lowered their price objective 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. Finally, DA Davidson cut shares of 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 research note on Tuesday, November 12th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $48.20.

TriCo Bancshares Price Performance

Shares of NASDAQ:TCBK opened at $42.22 on Friday. The company has a 50 day moving average of $46.33 and a 200-day moving average of $44.04. TriCo Bancshares has a one year low of $31.73 and a one year high of $51.06. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 12.57 and a beta of 0.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

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

TriCo Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.13%. The ex-dividend date was Friday, December 6th. TriCo Bancshares’s payout ratio is presently 39.29%.

Insider Transactions at TriCo Bancshares

In related news, Director Cory W. Giese sold 5,100 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total transaction of $252,297.00. Following the sale, the director now owns 6,128 shares of the company’s stock, valued at approximately $303,152.16. This trade represents a 45.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.64% of the company’s stock.

TriCo Bancshares 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.