JPMorgan Chase & Co. Buys 25,817 Shares of TriCo Bancshares (NASDAQ:TCBK)

JPMorgan Chase & Co. lifted its stake in shares of TriCo Bancshares (NASDAQ:TCBK) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 446,455 shares of the financial services provider’s stock after acquiring an additional 25,817 shares during the period. JPMorgan Chase & Co.’s holdings in TriCo Bancshares were worth $19,041,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in TriCo Bancshares in the 3rd quarter worth $28,000. Principal Financial Group Inc. lifted its holdings in shares of TriCo Bancshares by 7.5% in the second quarter. Principal Financial Group Inc. now owns 13,978 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 973 shares in the last quarter. Chico Wealth RIA boosted its position in shares of TriCo Bancshares by 2.3% during the third quarter. Chico Wealth RIA now owns 43,954 shares of the financial services provider’s stock worth $1,875,000 after buying an additional 1,000 shares during the period. Stifel Financial Corp grew its holdings in shares of TriCo Bancshares by 2.2% during the third quarter. Stifel Financial Corp now owns 48,031 shares of the financial services provider’s stock worth $2,049,000 after buying an additional 1,013 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of TriCo Bancshares by 1.8% during the second quarter. Rhumbline Advisers now owns 63,125 shares of the financial services provider’s stock worth $2,498,000 after buying an additional 1,109 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total transaction of $252,297.00. Following the completion of the transaction, the director now directly owns 6,128 shares in the company, valued at approximately $303,152.16. The trade was a 45.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.64% of the company’s stock.

TriCo Bancshares Stock Performance

NASDAQ TCBK opened at $42.22 on Friday. TriCo Bancshares has a 12 month low of $31.73 and a 12 month high of $51.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average of $46.33 and a 200-day moving average of $44.04. The company has a market cap of $1.39 billion, a PE ratio of 12.57 and a beta of 0.58.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. The firm had revenue of $133.84 million during the quarter, compared to analysts’ expectations of $98.65 million. On average, equities research analysts anticipate that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Friday, December 6th. TriCo Bancshares’s payout ratio is currently 39.29%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Stephens cut their target price on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler reduced their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, DA Davidson lowered shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their price target for the company from $50.00 to $53.00 in a research note on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, TriCo Bancshares has a consensus rating of “Hold” and a consensus price target of $48.20.

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. 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.