Sei Investments Co. Sells 11,556 Shares of TriCo Bancshares $TCBK

Sei Investments Co. reduced its holdings in TriCo Bancshares (NASDAQ:TCBK) by 34.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,721 shares of the financial services provider’s stock after selling 11,556 shares during the quarter. Sei Investments Co. owned about 0.07% of TriCo Bancshares worth $1,033,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TCBK. North Reef Capital Management LP acquired a new position in TriCo Bancshares in the fourth quarter valued at approximately $22,994,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of TriCo Bancshares during the 3rd quarter worth approximately $6,972,000. Millennium Management LLC grew its position in shares of 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 during the period. FJ Capital Management LLC bought a new stake in shares of TriCo Bancshares in the 4th quarter valued at $4,381,000. Finally, Jain Global LLC bought a new stake in shares of TriCo Bancshares in the 4th quarter valued at $3,613,000. 59.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TCBK has been the topic of several research analyst reports. Piper Sandler increased their target price on shares of TriCo Bancshares from $61.00 to $63.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Raymond James Financial downgraded shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. DA Davidson dropped their price objective on shares of TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating on the stock in a report on Monday, July 27th. Finally, Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $56.60.

TriCo Bancshares Stock Up 0.8%

TCBK opened at $57.60 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. The company’s 50-day moving average is $55.35 and its 200 day moving average is $51.52. TriCo Bancshares has a fifty-two week low of $40.44 and a fifty-two week high of $61.71. The firm has a market capitalization of $1.84 billion, a P/E ratio of 13.81 and a beta of 0.60.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $111.88 million during the quarter, compared to the consensus estimate of $110.99 million. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.27%. Research analysts expect that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.5%. TriCo Bancshares’s dividend payout ratio is currently 34.53%.

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.