Zacks Investment Research Upgrades TriCo Bancshares (TCBK) to Buy

TriCo Bancshares (NASDAQ:TCBK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage currently has a $46.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.81% from the company’s current price.

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 TriCo Bancshares from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. TriCo Bancshares has an average rating of “Hold” and an average price target of $41.50.

TriCo Bancshares (TCBK) traded down $0.56 during midday trading on Thursday, hitting $41.14. The company’s stock had a trading volume of 69,292 shares, compared to its average volume of 83,174. TriCo Bancshares has a 1 year low of $25.61 and a 1 year high of $43.22. The company has a market cap of $943.81, a price-to-earnings ratio of 19.13, a PEG ratio of 1.87 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.77 and a quick ratio of 0.77.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). TriCo Bancshares had a net margin of 21.87% and a return on equity of 10.27%. The company had revenue of $57.01 million during the quarter, compared to the consensus estimate of $56.99 million. analysts forecast that TriCo Bancshares will post 2.19 earnings per share for the current year.

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In related news, EVP Craig B. Carney sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $37.25, for a total transaction of $186,250.00. Following the sale, the executive vice president now owns 23,998 shares in the company, valued at approximately $893,925.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.10% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of TriCo Bancshares during the 2nd quarter valued at about $129,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of TriCo Bancshares during the 2nd quarter valued at about $211,000. Trexquant Investment LP bought a new stake in shares of TriCo Bancshares during the 2nd quarter valued at about $243,000. Karp Capital Management Corp bought a new stake in shares of TriCo Bancshares during the 1st quarter valued at about $245,000. Finally, Susquehanna International Group LLP bought a new stake in shares of TriCo Bancshares during the 2nd quarter valued at about $245,000. Institutional investors 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.

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