TriCo Bancshares (NASDAQ:TCBK) Lifted to “Hold” at Zacks Investment Research
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
Several other analysts have also recently commented on the stock. BidaskClub upgraded shares of Westport Fuel Systems from a hold rating to a buy rating in a research note on Friday. Stephens initiated coverage on shares of LiqTech International in a report on Tuesday, July 9th. They issued an overweight rating and a $13.00 price target for the company. Finally, Piper Jaffray Companies initiated coverage on shares of TriCo Bancshares in a report on Friday. They issued a neutral rating and a $41.00 price target for the company. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company has a consensus rating of Hold and an average target price of $41.67.
TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.03. TriCo Bancshares had a net margin of 25.94% and a return on equity of 10.37%. The company had revenue of $75.73 million during the quarter, compared to analysts’ expectations of $77.05 million. Equities research analysts forecast that TriCo Bancshares will post 3 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.19 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.02%. TriCo Bancshares’s dividend payout ratio is presently 28.25%.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc increased its holdings in shares of TriCo Bancshares by 22.7% in the 4th quarter. Legal & General Group Plc now owns 5,011 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 927 shares in the last quarter. Crawford Investment Counsel Inc. increased its holdings in shares of TriCo Bancshares by 0.9% in the 1st quarter. Crawford Investment Counsel Inc. now owns 110,972 shares of the financial services provider’s stock valued at $4,360,000 after purchasing an additional 1,000 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of TriCo Bancshares in the 2nd quarter valued at about $38,000. MUFG Securities EMEA plc purchased a new position in shares of TriCo Bancshares in the 4th quarter valued at about $88,000. Finally, Kennedy Capital Management Inc. increased its holdings in shares of TriCo Bancshares by 1.2% in the 1st quarter. Kennedy Capital Management Inc. now owns 218,015 shares of the financial services provider’s stock valued at $8,566,000 after purchasing an additional 2,684 shares in the last quarter. Institutional investors and hedge funds own 60.71% of the company’s stock.
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. It accepts demand, savings, and money market accounts, as well as 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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