TriCo Bancshares (NASDAQ:TCBK) Shares Gap Down to $44.42

TriCo Bancshares (NASDAQ:TCBKGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at $44.42, but opened at $43.22. TriCo Bancshares shares last traded at $44.49, with a volume of 101 shares changing hands.

TCBK has been the topic of several recent research reports. Piper Sandler reduced their price target on shares of TriCo Bancshares from $52.00 to $49.00 and set an “overweight” rating on the stock in a report on Tuesday, May 17th. Raymond James upped their price objective on shares of TriCo Bancshares from $47.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, January 26th. Zacks Investment Research raised shares of TriCo Bancshares from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Wednesday, April 6th. Stephens raised shares of TriCo Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $48.00 in a research note on Wednesday, May 11th. Finally, Janney Montgomery Scott raised shares of TriCo Bancshares from a “neutral” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, May 3rd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $47.67.

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50-day moving average is $40.47 and its 200 day moving average is $42.57. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 12.76 and a beta of 0.55.

TriCo Bancshares (NASDAQ:TCBKGet Rating) last released its quarterly earnings data on Thursday, April 28th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. TriCo Bancshares had a net margin of 30.61% and a return on equity of 10.29%. The company had revenue of $83.02 million during the quarter, compared to analyst estimates of $86.35 million. On average, sell-side analysts forecast that TriCo Bancshares will post 3.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 10th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. TriCo Bancshares’s dividend payout ratio (DPR) is presently 28.74%.

In other news, Director Anthony L. Leggio purchased 1,588 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were bought at an average price of $39.69 per share, with a total value of $63,027.72. Following the completion of the transaction, the director now directly owns 108,597 shares in the company, valued at approximately $4,310,214.93. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Cory W. Giese sold 2,500 shares of the business’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $42.00, for a total transaction of $105,000.00. Following the transaction, the director now directly owns 9,503 shares in the company, valued at approximately $399,126. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Two Sigma Advisers LP boosted its stake in shares of TriCo Bancshares by 6.8% in the 3rd quarter. Two Sigma Advisers LP now owns 72,285 shares of the financial services provider’s stock valued at $3,137,000 after purchasing an additional 4,600 shares in the last quarter. Barclays PLC lifted its position in TriCo Bancshares by 0.8% during the 3rd quarter. Barclays PLC now owns 48,675 shares of the financial services provider’s stock worth $2,113,000 after buying an additional 370 shares in the last quarter. ProShare Advisors LLC acquired a new position in TriCo Bancshares during the 4th quarter worth about $259,000. Russell Investments Group Ltd. lifted its position in TriCo Bancshares by 1.3% during the 4th quarter. Russell Investments Group Ltd. now owns 62,741 shares of the financial services provider’s stock worth $2,694,000 after buying an additional 814 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in TriCo Bancshares by 120.2% during the 3rd quarter. Martingale Asset Management L P now owns 27,111 shares of the financial services provider’s stock worth $1,178,000 after buying an additional 14,800 shares in the last quarter. 57.69% of the stock is currently owned by institutional investors and hedge funds.

About TriCo Bancshares (NASDAQ:TCBK)

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; commercial loans, including agricultural loans; and real estate construction loans.

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