Davis Asset Management L.P. Buys Shares of 1,046,900 TriCo Bancshares $TCBK

Davis Asset Management L.P. purchased a new stake in TriCo Bancshares (NASDAQ:TCBK) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,046,900 shares of the financial services provider’s stock, valued at approximately $56,376,000. TriCo Bancshares comprises approximately 1.4% of Davis Asset Management L.P.’s investment portfolio, making the stock its 24th largest holding. Davis Asset Management L.P. owned approximately 3.27% of TriCo Bancshares as of its most recent SEC filing.

Several other large investors have also bought and sold shares of TCBK. Larson Financial Group LLC grew its stake in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after buying an additional 459 shares during the last quarter. Danske Bank A S bought a new position in shares of TriCo Bancshares in the 4th quarter valued at $28,000. Farther Finance Advisors LLC boosted its holdings in shares of TriCo Bancshares by 40.3% during the 4th quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 211 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of TriCo Bancshares during the 2nd quarter valued at $36,000. Finally, Abound Financial LLC bought a new stake in TriCo Bancshares during the 4th quarter worth $43,000. 59.11% of the stock is owned by institutional investors and hedge funds.

TriCo Bancshares Stock Performance

Shares of TCBK stock opened at $55.07 on Friday. The firm has a 50 day moving average of $56.07 and a 200-day moving average of $51.86. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 13.21 and a beta of 0.60. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. TriCo Bancshares has a 52 week low of $40.44 and a 52 week high of $61.71.

TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.23%. The company had revenue of $111.88 million for the quarter, compared to the consensus estimate of $110.99 million. On average, equities analysts forecast that TriCo Bancshares will post 4.28 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on TCBK. Raymond James Financial cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 14th. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Piper Sandler upped their price objective on TriCo Bancshares from $61.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. DA Davidson dropped their price objective on shares of TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Finally, Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Two equities research 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 an average rating of “Hold” and an average target price of $56.60.

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.