State of New Jersey Common Pension Fund D reduced its position in shares of TriCo Bancshares (NASDAQ:TCBK – Get Rating) by 8.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,397 shares of the financial services provider’s stock after selling 5,380 shares during the period. State of New Jersey Common Pension Fund D owned about 0.17% of TriCo Bancshares worth $2,298,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of TCBK. Chico Wealth RIA bought a new stake in TriCo Bancshares during the first quarter worth about $1,719,000. Krilogy Financial LLC bought a new stake in TriCo Bancshares during the first quarter worth about $755,000. Pacific Global Investment Management Co. bought a new stake in TriCo Bancshares during the first quarter worth about $570,000. Woodward Diversified Capital LLC bought a new stake in TriCo Bancshares during the first quarter worth about $557,000. Finally, Ridgewood Investments LLC bought a new stake in TriCo Bancshares during the first quarter worth about $301,000. 57.69% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently issued reports on TCBK. Piper Sandler upped their target price on TriCo Bancshares to $56.00 in a report on Monday, July 4th. Raymond James restated a “maintains” rating on shares of TriCo Bancshares in a research note on Thursday, July 28th. Janney Montgomery Scott upgraded TriCo Bancshares from a “neutral” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, May 3rd. Finally, Stephens upgraded TriCo Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $48.00 in a research note on Wednesday, May 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, TriCo Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $49.60.
TriCo Bancshares Price Performance
TriCo Bancshares stock opened at $46.02 on Thursday. TriCo Bancshares has a 12 month low of $37.41 and a 12 month high of $48.00. The stock’s 50 day moving average is $45.88 and its 200-day moving average is $43.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 13.30 and a beta of 0.50.
TriCo Bancshares (NASDAQ:TCBK – Get Rating) last posted its earnings results on Wednesday, July 27th. The financial services provider reported $0.93 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.06). TriCo Bancshares had a net margin of 29.83% and a return on equity of 10.42%. Equities research analysts expect that TriCo Bancshares will post 3.89 EPS for the current year.
TriCo Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Thursday, June 9th. TriCo Bancshares’s payout ratio is 28.90%.
TriCo Bancshares Profile
TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans.
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