Quantbot Technologies LP Purchases New Holdings in TriCo Bancshares $TCBK

Quantbot Technologies LP acquired a new position in TriCo Bancshares (NASDAQ:TCBK) in the second quarter, Holdings Channel reports. The firm acquired 9,788 shares of the financial services provider’s stock, valued at approximately $527,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in shares of TriCo Bancshares by 28.9% in the first quarter. AQR Capital Management LLC now owns 32,711 shares of the financial services provider’s stock valued at $1,307,000 after purchasing an additional 7,334 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in TriCo Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider’s stock valued at $760,000 after buying an additional 820 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of TriCo Bancshares by 4.4% in the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider’s stock worth $25,727,000 after purchasing an additional 27,193 shares in the last quarter. Empowered Funds LLC lifted its position in TriCo Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider’s stock worth $2,047,000 after buying an additional 3,951 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of TriCo Bancshares by 280.1% during the first quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider’s stock worth $1,977,000 after acquiring an additional 36,443 shares in the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Stock Down 0.5%

NASDAQ TCBK opened at $53.87 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $1.72 billion, a PE ratio of 12.92 and a beta of 0.60. TriCo Bancshares has a one year low of $40.44 and a one year high of $61.71. The stock’s 50 day simple moving average is $56.29 and its 200 day simple moving average is $51.92.

TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $111.88 million during the quarter, compared to the consensus estimate of $110.99 million. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%. As a group, sell-side analysts forecast that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TCBK shares. Piper Sandler raised their price objective 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. Stephens raised TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Raymond James Financial downgraded TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $56.60.

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.