Heartland Advisors Inc. Takes Position in TriCo Bancshares $TCBK

Heartland Advisors Inc. bought a new position in shares of TriCo Bancshares (NASDAQ:TCBK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 250,000 shares of the financial services provider’s stock, valued at approximately $13,462,000. Heartland Advisors Inc. owned approximately 0.78% of TriCo Bancshares at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its position in TriCo Bancshares by 40.3% in 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. Federated Hermes Inc. increased its holdings in TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 290 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in TriCo Bancshares by 1.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider’s stock worth $1,433,000 after purchasing an additional 329 shares in the last quarter. Sweeney & Michel LLC increased its holdings in TriCo Bancshares by 0.3% during the 1st quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider’s stock worth $6,318,000 after purchasing an additional 347 shares in the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of TriCo Bancshares by 337.5% in the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 459 shares during the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TCBK. Piper Sandler raised their target price on TriCo Bancshares from $61.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Stephens raised TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Raymond James Financial cut TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. Finally, DA Davidson cut 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. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.60.

TriCo Bancshares Price Performance

Shares of NASDAQ TCBK opened at $55.07 on Friday. TriCo Bancshares has a twelve month low of $40.44 and a twelve month high of $61.71. The stock’s 50 day moving average price is $56.07 and its 200-day moving average price is $51.86. The company has a market capitalization of $1.76 billion, a PE 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 (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 the consensus estimate of $1.03 by $0.03. The company had revenue of $111.88 million during the quarter, compared to analyst estimates of $110.99 million. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%. On average, equities analysts anticipate that TriCo Bancshares will post 4.28 EPS for the current year.

TriCo Bancshares 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.