TriCo Bancshares (NASDAQ:TCBK) Cut to “Hold” at Zacks Research

TriCo Bancshares (NASDAQ:TCBK) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Keefe, Bruyette & Woods boosted their price objective on TriCo Bancshares from $46.00 to $50.00 and gave the company a “market perform” rating in a research report on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of TriCo Bancshares in a research note on Monday. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $46.00 target price (up from $45.00) on shares of TriCo Bancshares in a research report on Friday, October 24th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $48.60.

TriCo Bancshares Price Performance

NASDAQ:TCBK opened at $48.31 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. TriCo Bancshares has a one year low of $35.20 and a one year high of $50.60. The company has a fifty day moving average price of $46.65 and a 200 day moving average price of $44.19. The stock has a market cap of $1.57 billion, a P/E ratio of 13.57 and a beta of 0.64.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.12. The company had revenue of $107.56 million for the quarter, compared to the consensus estimate of $107.08 million. TriCo Bancshares had a net margin of 21.87% and a return on equity of 9.27%. Analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current year.

Institutional Investors Weigh In On TriCo Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in TCBK. Larson Financial Group LLC increased its position in shares of TriCo Bancshares by 337.5% during the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 459 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of TriCo Bancshares during the third quarter worth approximately $58,000. PNC Financial Services Group Inc. bought a new position in shares of TriCo Bancshares in the third quarter valued at approximately $76,000. Federated Hermes Inc. raised its stake in shares of TriCo Bancshares by 17.7% in the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 290 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of TriCo Bancshares by 74.0% in the 3rd quarter. CWM LLC now owns 2,001 shares of the financial services provider’s stock worth $89,000 after acquiring an additional 851 shares in the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.