TriCo Bancshares (NASDAQ:TCBK) Downgraded to Neutral Rating by DA Davidson

TriCo Bancshares (NASDAQ:TCBK) was downgraded by equities researchers at DA Davidson from a “buy” rating to a “neutral” rating in a report released on Tuesday,Finviz reports. They presently have a $53.00 price objective on the financial services provider’s stock, up from their previous price objective of $50.00. DA Davidson’s price target indicates a potential upside of 8.34% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Janney Montgomery Scott reiterated a “neutral” rating on shares of TriCo Bancshares in a research note on Friday, July 26th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a research note on Monday, July 29th. Piper Sandler cut their target price on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, Stephens decreased their target price on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $48.20.

TriCo Bancshares Stock Up 3.3 %

Shares of TriCo Bancshares stock opened at $48.92 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.30. TriCo Bancshares has a 52-week low of $31.73 and a 52-week high of $50.63. The company has a market capitalization of $1.61 billion, a P/E ratio of 14.56 and a beta of 0.54. The company has a 50 day moving average of $43.46 and a 200 day moving average of $41.33.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm 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 9.60% and a net margin of 21.12%. As a group, research analysts forecast that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael W. Koehnen sold 1,400 shares of TriCo Bancshares stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total value of $63,280.00. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $135,600. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Michael W. Koehnen sold 1,400 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $135,600. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cory W. Giese sold 3,465 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $43.11, for a total transaction of $149,376.15. Following the sale, the director now directly owns 11,228 shares in the company, valued at approximately $484,039.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 4.64% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew 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 buying an additional 50,358 shares during the last quarter. American Century Companies Inc. raised its stake in TriCo Bancshares by 27.3% in the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock valued at $15,975,000 after purchasing an additional 86,689 shares during the last quarter. Curi RMB Capital LLC lifted its holdings in TriCo Bancshares by 1.6% in the 3rd quarter. Curi RMB Capital LLC now owns 346,833 shares of the financial services provider’s stock valued at $14,792,000 after purchasing an additional 5,314 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of TriCo Bancshares by 8.9% during the 2nd 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. Finally, Bank of New York Mellon Corp raised its position in shares of TriCo Bancshares by 5.6% in the second 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 last quarter. Hedge funds and other institutional investors own 59.11% 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.