Keefe, Bruyette & Woods Lowers TriCo Bancshares (NASDAQ:TCBK) Price Target to $50.00

TriCo Bancshares (NASDAQ:TCBK) had its target price trimmed by Keefe, Bruyette & Woods from $53.00 to $50.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

TCBK has been the subject of a number of other reports. Piper Sandler reduced 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 note on Monday, October 28th. Stephens reduced their price objective on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Finally, 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. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.75.

TriCo Bancshares Price Performance

Shares of NASDAQ TCBK opened at $44.39 on Tuesday. The firm has a market cap of $1.47 billion, a PE ratio of 13.21 and a beta of 0.58. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30. TriCo Bancshares has a 1-year low of $31.73 and a 1-year high of $51.06. The company has a fifty day moving average price of $45.35 and a 200 day moving average price of $44.48.

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

TriCo Bancshares Dividend Announcement

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

Insider Activity at TriCo Bancshares

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total value of $252,297.00. Following the transaction, the director now directly owns 6,128 shares of the company’s stock, valued at $303,152.16. This represents a 45.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TCBK. Sei Investments Co. raised its holdings in TriCo Bancshares by 18.3% in the 2nd quarter. Sei Investments Co. now owns 21,348 shares of the financial services provider’s stock valued at $845,000 after acquiring an additional 3,303 shares during the period. Creative Planning raised its holdings in TriCo Bancshares by 62.6% in the 2nd quarter. Creative Planning now owns 21,447 shares of the financial services provider’s stock valued at $849,000 after acquiring an additional 8,260 shares during the period. SG Americas Securities LLC bought a new position in TriCo Bancshares in the 3rd quarter valued at about $395,000. Sweeney & Michel LLC raised its holdings in TriCo Bancshares by 3.7% in the 3rd quarter. Sweeney & Michel LLC now owns 137,599 shares of the financial services provider’s stock valued at $6,171,000 after acquiring an additional 4,921 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in TriCo Bancshares by 839.2% in the 3rd 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 period. 59.11% of the stock is owned by institutional investors.

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.