TriCo Bancshares (NASDAQ:TCBK) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in TriCo Bancshares (NASDAQ:TCBK) by 5.6% in the second quarter, HoldingsChannel reports. The fund owned 184,610 shares of the financial services provider’s stock after purchasing an additional 9,723 shares during the quarter. Bank of New York Mellon Corp’s holdings in TriCo Bancshares were worth $7,305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in TCBK. Quadrant Capital Group LLC raised its holdings in TriCo Bancshares by 470.9% during the fourth quarter. Quadrant Capital Group LLC now owns 942 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 777 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of TriCo Bancshares by 8.2% in the first quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider’s stock valued at $139,000 after buying an additional 287 shares during the period. ProShare Advisors LLC boosted its stake in TriCo Bancshares by 8.5% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider’s stock valued at $205,000 after buying an additional 439 shares in the last quarter. Quantbot Technologies LP acquired a new position in TriCo Bancshares during the first quarter worth about $227,000. Finally, Principal Financial Group Inc. grew its holdings in TriCo Bancshares by 8.7% during the fourth quarter. Principal Financial Group Inc. now owns 9,545 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 764 shares during the period. 59.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TCBK. Janney Montgomery Scott restated a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Stephens upped their price target on TriCo Bancshares from $43.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Piper Sandler increased their price objective on TriCo Bancshares from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. DA Davidson lifted their target price on TriCo Bancshares from $41.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $48.00 target price (up from $42.00) on shares of TriCo Bancshares in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.80.

Insider Buying and Selling at TriCo Bancshares

In other news, Director Cory W. Giese sold 3,465 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $43.11, for a total value of $149,376.15. Following the transaction, the director now directly owns 11,228 shares of the company’s stock, valued at $484,039.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Cory W. Giese sold 3,465 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $43.11, for a total value of $149,376.15. Following the transaction, the director now owns 11,228 shares in the company, valued at $484,039.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael W. Koehnen sold 1,400 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $135,600. The disclosure for this sale can be found here. Company insiders own 4.64% of the company’s stock.

TriCo Bancshares Stock Down 2.3 %

NASDAQ:TCBK opened at $41.71 on Thursday. The business’s fifty day moving average price is $43.32 and its 200 day moving average price is $38.49. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 12.72 and a beta of 0.54. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.30. TriCo Bancshares has a 1-year low of $29.38 and a 1-year high of $48.80.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. The company had revenue of $97.86 million for the quarter, compared to the consensus estimate of $98.55 million. TriCo Bancshares had a return on equity of 9.93% and a net margin of 21.63%. On average, sell-side analysts forecast that TriCo Bancshares will post 3.3 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be given a $0.33 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a yield of 3.16%. TriCo Bancshares’s payout ratio is 40.24%.

TriCo Bancshares Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.