DA Davidson Issues Positive Forecast for TriCo Bancshares (NASDAQ:TCBK) Stock Price

TriCo Bancshares (NASDAQ:TCBK) had its price target raised by investment analysts at DA Davidson from $51.00 to $54.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s target price suggests a potential upside of 6.08% from the company’s previous close.

A number of other equities analysts also recently commented on TCBK. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TriCo Bancshares in a research note on Monday, December 29th. Raymond James Financial reiterated an “outperform” rating and issued a $46.00 target price (up previously from $45.00) on shares of TriCo Bancshares in a report on Friday, October 24th. Keefe, Bruyette & Woods lifted their target price 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. Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 25th. Finally, Wall Street Zen raised TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.40.

TriCo Bancshares Price Performance

Shares of NASDAQ:TCBK traded down $0.59 during midday trading on Friday, hitting $50.91. The company had a trading volume of 16,131 shares, compared to its average volume of 105,116. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $52.05. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 14.32 and a beta of 0.63. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. The business’s 50-day simple moving average is $48.29 and its 200-day simple moving average is $45.24.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.02. TriCo Bancshares had a return on equity of 9.27% and a net margin of 21.87%.The company had revenue of $109.40 million during the quarter, compared to analysts’ expectations of $108.19 million. On average, research analysts predict 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 added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in TriCo Bancshares by 1,339.5% during the 2nd quarter. Allworth Financial LP now owns 119,393 shares of the financial services provider’s stock valued at $4,834,000 after purchasing an additional 111,099 shares during the last quarter. Assetmark Inc. acquired a new position in TriCo Bancshares during the 2nd quarter valued at about $396,000. ProShare Advisors LLC lifted its stake in shares of TriCo Bancshares by 2,137.5% in the 2nd quarter. ProShare Advisors LLC now owns 154,969 shares of the financial services provider’s stock valued at $6,275,000 after purchasing an additional 148,043 shares during the period. Franklin Resources Inc. lifted its stake in TriCo Bancshares by 7.9% in the second quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock valued at $69,880,000 after buying an additional 126,571 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of TriCo Bancshares during the second quarter worth $665,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

About TriCo Bancshares

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.