TriCo Bancshares (TCBK) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $46.00 price objective on the financial services provider’s stock.
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. “
Separately, BidaskClub upgraded shares of TriCo Bancshares from a strong sell rating to a sell rating in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $41.50.
Shares of TriCo Bancshares (NASDAQ:TCBK) traded down $0.56 during trading on Thursday, reaching $41.14. 69,292 shares of the company’s stock traded hands, compared to its average volume of 83,174. TriCo Bancshares has a twelve month low of $25.61 and a twelve month high of $43.22. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.16. The firm has a market cap of $943.81, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.87 and a beta of 0.92.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.03). TriCo Bancshares had a return on equity of 10.27% and a net margin of 21.87%. The business had revenue of $57.01 million during the quarter, compared to analyst estimates of $56.99 million. equities analysts forecast that TriCo Bancshares will post 2.19 EPS for the current year.
TRADEMARK VIOLATION WARNING: This piece of content was reported by Watch List News and is the property of of Watch List News. If you are reading this piece of content on another publication, it was stolen and republished in violation of U.S. and international trademark and copyright laws. The correct version of this piece of content can be viewed at https://www.watchlistnews.com/trico-bancshares-tcbk-upgraded-by-zacks-investment-research-to-buy/1679261.html.
In related news, EVP Craig B. Carney sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $36.00, for a total transaction of $180,000.00. Following the completion of the transaction, the executive vice president now directly owns 18,294 shares in the company, valued at approximately $658,584. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 9.10% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in TriCo Bancshares by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,077,069 shares of the financial services provider’s stock worth $37,859,000 after purchasing an additional 17,015 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in TriCo Bancshares by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 962,397 shares of the financial services provider’s stock worth $33,828,000 after acquiring an additional 17,023 shares during the last quarter. Vanguard Group Inc. grew its holdings in TriCo Bancshares by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 873,001 shares of the financial services provider’s stock worth $30,686,000 after acquiring an additional 35,343 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in TriCo Bancshares by 4.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 780,134 shares of the financial services provider’s stock worth $27,422,000 after acquiring an additional 34,467 shares during the last quarter. Finally, FMR LLC grew its holdings in TriCo Bancshares by 45.1% during the 2nd quarter. FMR LLC now owns 697,792 shares of the financial services provider’s stock worth $24,527,000 after acquiring an additional 216,734 shares during the last quarter. Institutional investors and hedge funds own 68.74% of the company’s stock.
TriCo Bancshares Company Profile
TriCo Bancshares is a bank holding company. The Company’s principal subsidiary is Tri Counties Bank, a California-chartered commercial bank (the Bank). The Bank offers banking services to retail customers and small to medium-sized businesses through 68 branch offices in Northern and Central California.
Receive News & Ratings for TriCo Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TriCo Bancshares and related companies with Analyst Ratings Network's FREE daily email newsletter.