The Manufacturers Life Insurance Company Buys Shares of 418,304 TriCo Bancshares $TCBK

The Manufacturers Life Insurance Company purchased a new stake in TriCo Bancshares (NASDAQ:TCBK) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 418,304 shares of the financial services provider’s stock, valued at approximately $22,526,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TCBK. Farther Finance Advisors LLC raised its position 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 buying an additional 211 shares during the period. Federated Hermes Inc. grew its position in TriCo Bancshares by 17.7% in the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock worth $78,000 after acquiring an additional 290 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in TriCo Bancshares by 1.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider’s stock worth $1,433,000 after acquiring an additional 329 shares during the last quarter. Sweeney & Michel LLC increased its stake in TriCo Bancshares by 0.3% during the first quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider’s stock worth $6,318,000 after acquiring an additional 347 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in 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 acquiring an additional 459 shares during the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

Analyst Upgrades and Downgrades

TCBK has been the topic of several recent analyst reports. Raymond James Financial lowered TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. Piper Sandler upped their target price on shares of TriCo Bancshares from $61.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. DA Davidson dropped their price target on shares of TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Finally, Zacks Research lowered shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $56.60.

TriCo Bancshares Price Performance

TCBK stock opened at $53.87 on Friday. The business’s fifty day moving average price is $56.29 and its 200 day moving average price is $51.92. TriCo Bancshares has a 12-month low of $40.44 and a 12-month high of $61.71. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $1.72 billion, a PE ratio of 12.92 and a beta of 0.60.

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

TriCo Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.44 annualized dividend and a dividend yield of 2.7%. TriCo Bancshares’s dividend payout ratio (DPR) is presently 34.53%.

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.