MQS Management LLC Makes New Investment in TriCo Bancshares $TCBK

MQS Management LLC purchased a new position in shares of TriCo Bancshares (NASDAQ:TCBK) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,153 shares of the financial services provider’s stock, valued at approximately $530,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TCBK. North Reef Capital Management LP acquired a new position in shares of TriCo Bancshares in the fourth quarter valued at approximately $22,994,000. Mercer Global Advisors Inc. ADV purchased a new stake in TriCo Bancshares during the 3rd quarter worth approximately $6,972,000. Millennium Management LLC lifted its holdings in TriCo Bancshares by 292.7% during the 3rd quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider’s stock worth $6,009,000 after buying an additional 100,858 shares in the last quarter. FJ Capital Management LLC acquired a new stake in TriCo Bancshares during the 4th quarter worth approximately $4,381,000. Finally, Jain Global LLC purchased a new position in TriCo Bancshares in the 4th quarter valued at approximately $3,613,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Piper Sandler increased their price objective on TriCo Bancshares from $59.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.60.

TriCo Bancshares Stock Performance

Shares of TriCo Bancshares stock opened at $53.85 on Wednesday. The business has a 50-day simple moving average of $50.90 and a 200-day simple moving average of $49.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.87. TriCo Bancshares has a one year low of $39.69 and a one year high of $54.17. The company has a market cap of $1.72 billion, a PE ratio of 13.63 and a beta of 0.60.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Monday, March 2nd. The financial services provider reported $1.03 earnings per share for the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. The firm had revenue of $111.21 million for the quarter. On average, equities research analysts forecast that TriCo Bancshares will post 4.22 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.7%. TriCo Bancshares’s dividend payout ratio is currently 36.46%.

TriCo Bancshares 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.