Assenagon Asset Management S.A. Acquires 30,227 Shares of TriCo Bancshares (NASDAQ:TCBK)

Assenagon Asset Management S.A. boosted its stake in shares of TriCo Bancshares (NASDAQ:TCBK) by 23.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 160,987 shares of the financial services provider’s stock after purchasing an additional 30,227 shares during the quarter. Assenagon Asset Management S.A. owned about 0.49% of TriCo Bancshares worth $7,035,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of TriCo Bancshares by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock valued at $59,471,000 after acquiring an additional 50,358 shares during the period. Geode Capital Management LLC boosted its holdings in 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 valued at $33,344,000 after purchasing an additional 5,155 shares during the period. JPMorgan Chase & Co. grew its position in shares of TriCo Bancshares by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock worth $19,041,000 after purchasing an additional 25,817 shares in the last quarter. Curi RMB Capital LLC increased its holdings in shares of TriCo Bancshares by 1.6% during the third quarter. Curi RMB Capital LLC now owns 346,833 shares of the financial services provider’s stock worth $14,792,000 after purchasing an additional 5,314 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of TriCo Bancshares by 8.9% in the second quarter. Renaissance Technologies LLC now owns 235,867 shares of the financial services provider’s stock valued at $9,333,000 after buying an additional 19,224 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on TCBK. DA Davidson downgraded shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $50.00 to $53.00 in a research note on Tuesday, November 12th. Stephens reduced their price target on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Finally, 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. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $48.20.

TriCo Bancshares Price Performance

TCBK stock opened at $42.95 on Monday. The firm has a 50 day simple moving average of $45.93 and a two-hundred day simple moving average of $44.27. The stock has a market cap of $1.42 billion, a PE ratio of 12.78 and a beta of 0.58. TriCo Bancshares has a one year low of $31.73 and a one year high of $51.06. 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 announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $133.84 million for the quarter, compared to analysts’ expectations of $98.65 million. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. On average, analysts predict that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Friday, December 6th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 39.29%.

Insider Transactions at TriCo Bancshares

In other news, Director Cory W. Giese sold 5,100 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were 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 $303,152.16. This trade represents a 45.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.64% of the stock is owned by insiders.

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.