Allspring Global Investments Holdings LLC decreased its holdings in TriCo Bancshares (NASDAQ:TCBK – Get Rating) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,309 shares of the financial services provider’s stock after selling 506 shares during the period. Allspring Global Investments Holdings LLC’s holdings in TriCo Bancshares were worth $370,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the business. Raymond James & Associates increased its stake in shares of TriCo Bancshares by 4.7% in the third quarter. Raymond James & Associates now owns 17,358 shares of the financial services provider’s stock worth $775,000 after purchasing an additional 775 shares in the last quarter. John W. Rosenthal Capital Management Inc. purchased a new position in shares of TriCo Bancshares in the third quarter worth about $837,000. Private Trust Co. NA purchased a new position in shares of TriCo Bancshares in the third quarter worth about $476,000. Captrust Financial Advisors increased its stake in shares of TriCo Bancshares by 21.7% in the second quarter. Captrust Financial Advisors now owns 1,853 shares of the financial services provider’s stock worth $85,000 after purchasing an additional 331 shares in the last quarter. Finally, ExodusPoint Capital Management LP purchased a new position in shares of TriCo Bancshares in the second quarter worth about $209,000. Hedge funds and other institutional investors own 60.69% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on TCBK. Stephens lifted their target price on shares of TriCo Bancshares to $60.00 in a research note on Friday, November 4th. Raymond James raised their price objective on shares of TriCo Bancshares from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, October 27th. StockNews.com initiated coverage on shares of TriCo Bancshares in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. DA Davidson raised their price objective on shares of TriCo Bancshares to $62.00 in a research report on Thursday, October 27th. Finally, Piper Sandler raised their price objective on shares of TriCo Bancshares to $67.00 in a research report on Tuesday, November 1st. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.80.
TriCo Bancshares Price Performance
TriCo Bancshares (NASDAQ:TCBK – Get Rating) last announced its earnings results on Wednesday, October 26th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.07. TriCo Bancshares had a net margin of 30.29% and a return on equity of 11.33%. The business had revenue of $109.75 million during the quarter, compared to analyst estimates of $104.96 million. As a group, sell-side analysts predict that TriCo Bancshares will post 4 earnings per share for the current fiscal year.
TriCo Bancshares Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, December 23rd. Shareholders of record on Friday, December 9th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, December 8th. This represents a $1.20 annualized dividend and a yield of 2.45%. TriCo Bancshares’s payout ratio is presently 32.79%.
About TriCo Bancshares
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.
- Get a free copy of the StockNews.com research report on TriCo Bancshares (TCBK)
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