TriCo Bancshares (NASDAQ:TCBK) Downgraded by Stephens to Equal Weight

TriCo Bancshares (NASDAQ:TCBK) was downgraded by stock analysts at Stephens from an “overweight” rating to an “equal weight” rating in a report released on Wednesday. They presently have a $54.00 price objective on the financial services provider’s stock. Stephens’ price objective would suggest a potential downside of 8.18% from the company’s current price.

A number of other equities analysts also recently issued reports 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 downgraded shares of TriCo Bancshares from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $63.00 to $61.00 in a research note on Tuesday. DA Davidson upped their target price on TriCo Bancshares from $55.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Finally, Raymond James Financial lowered TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $56.40.

TriCo Bancshares Stock Performance

TCBK stock opened at $58.81 on Wednesday. TriCo Bancshares has a 1-year low of $39.69 and a 1-year high of $60.42. The business has a 50-day moving average price of $51.88 and a 200 day moving average price of $50.04. The company has a market capitalization of $1.88 billion, a P/E ratio of 14.89 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. North Reef Capital Management LP purchased a new stake in TriCo Bancshares in the fourth quarter valued at approximately $22,994,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of TriCo Bancshares in the 3rd quarter valued at $6,972,000. Millennium Management LLC increased its stake in shares of TriCo Bancshares by 292.7% in the third quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider’s stock worth $6,009,000 after acquiring an additional 100,858 shares during the period. Rice Hall James & Associates LLC purchased a new position in shares of TriCo Bancshares during the first quarter worth $4,527,000. Finally, FJ Capital Management LLC acquired a new position in TriCo Bancshares during the fourth quarter valued at $4,381,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

Key Stories Impacting TriCo Bancshares

Here are the key news stories impacting TriCo Bancshares this week:

• Positive Sentiment: TriCo Bancshares’ agreed buyout by First Hawaiian is the main catalyst behind the stock’s recent strength, as merger terms imply a premium and create takeover value for shareholders.
• Positive Sentiment: DA Davidson raised its price target on TriCo Bancshares to $66 from $55 while keeping a neutral rating, signaling a higher valuation framework following the deal announcement.
• Neutral Sentiment: Several articles compared TriCo with other regional banks and noted mixed analyst views, but these pieces do not appear to change the fundamental deal-driven outlook.
• Negative Sentiment: Law firms including KSF, Halper Sadeh, Brodsky & Smith, and Ademi LLP have launched shareholder investigations into whether TriCo is receiving a fair price, which could add legal overhang and delay sentiment.

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.