Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a research report released on Saturday morning. Zacks Investment Research currently has $40.00 price objective on the financial services provider’s stock.
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
A number of other analysts have also commented on TCBK. BidaskClub raised TriCo Bancshares from a strong sell rating to a sell rating in a research note on Wednesday, August 9th. FBR & Co reissued a hold rating and set a $37.00 price target on shares of TriCo Bancshares in a research note on Monday, May 1st. Finally, ValuEngine raised TriCo Bancshares from a hold rating to a buy rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. TriCo Bancshares has an average rating of Hold and an average price target of $38.50.
TriCo Bancshares (TCBK) traded up 0.39% during trading on Friday, reaching $35.89. 25,299 shares of the company’s stock traded hands. TriCo Bancshares has a 12 month low of $25.43 and a 12 month high of $38.58. The company has a market capitalization of $822.78 million, a price-to-earnings ratio of 16.54 and a beta of 0.89. The firm’s 50 day moving average is $36.12 and its 200-day moving average is $35.68.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, September 14th. TriCo Bancshares’s payout ratio is 31.34%.
In other news, EVP Craig B. Carney sold 5,000 shares of TriCo Bancshares stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $37.25, for a total transaction of $186,250.00. Following the sale, the executive vice president now directly owns 23,998 shares of the company’s stock, valued at $893,925.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.10% of the company’s stock.
Several institutional investors have recently modified their holdings of TCBK. Alps Advisors Inc. increased its position in shares of TriCo Bancshares by 0.3% in the second quarter. Alps Advisors Inc. now owns 13,390 shares of the financial services provider’s stock worth $471,000 after buying an additional 34 shares during the period. Federated Investors Inc. PA increased its position in shares of TriCo Bancshares by 0.3% in the second quarter. Federated Investors Inc. PA now owns 11,701 shares of the financial services provider’s stock worth $411,000 after buying an additional 35 shares during the period. Wells Fargo & Company MN increased its position in shares of TriCo Bancshares by 0.4% in the second quarter. Wells Fargo & Company MN now owns 39,785 shares of the financial services provider’s stock worth $1,398,000 after buying an additional 141 shares during the period. Ameriprise Financial Inc. increased its position in shares of TriCo Bancshares by 0.5% in the second quarter. Ameriprise Financial Inc. now owns 55,529 shares of the financial services provider’s stock worth $1,952,000 after buying an additional 291 shares during the period. Finally, Bessemer Group Inc. increased its position in shares of TriCo Bancshares by 1.2% in the second quarter. Bessemer Group Inc. now owns 34,300 shares of the financial services provider’s stock worth $1,206,000 after buying an additional 400 shares during the period. Institutional investors own 69.39% of the company’s stock.
TriCo Bancshares Company Profile
TriCo Bancshares is a bank holding company. The Company’s principal subsidiary is Tri Counties Bank, a California-chartered commercial bank (the Bank). The Bank offers banking services to retail customers and small to medium-sized businesses through 68 branch offices in Northern and Central California.
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