TriCo Bancshares (NASDAQ:TCBK) Rating Increased to Strong-Buy at Zacks Research

TriCo Bancshares (NASDAQ:TCBK) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on TCBK. Piper Sandler raised their target price on TriCo Bancshares from $59.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday. Stephens raised their target price on TriCo Bancshares from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods raised their target price on TriCo Bancshares from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Weiss Ratings raised TriCo Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 25th. Finally, DA Davidson raised their target price on TriCo Bancshares from $51.00 to $54.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.60.

TriCo Bancshares Stock Performance

Shares of TCBK opened at $50.92 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 12.89 and a beta of 0.59. The stock has a 50 day moving average of $48.62 and a 200 day moving average of $47.94. TriCo Bancshares has a 12 month low of $36.32 and a 12 month high of $53.18.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Monday, March 2nd. The financial services provider reported $1.03 EPS for the quarter. The company had revenue of $111.21 million during the quarter. TriCo Bancshares had a return on equity of 9.92% and a net margin of 23.71%. As a group, sell-side analysts forecast that TriCo Bancshares will post 4.22 earnings per share for the current year.

Hedge Funds Weigh In On TriCo Bancshares

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of TriCo Bancshares by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 1,922,988 shares of the financial services provider’s stock worth $91,092,000 after acquiring an additional 38,311 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of TriCo Bancshares by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 1,683,048 shares of the financial services provider’s stock worth $74,744,000 after acquiring an additional 14,748 shares during the period. Geode Capital Management LLC boosted its holdings in shares of TriCo Bancshares by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 777,826 shares of the financial services provider’s stock worth $36,851,000 after acquiring an additional 6,793 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of TriCo Bancshares by 6.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 672,905 shares of the financial services provider’s stock worth $31,876,000 after acquiring an additional 43,417 shares during the period. Finally, North Reef Capital Management LP bought a new stake in TriCo Bancshares during the fourth quarter valued at $22,994,000. 59.11% of the stock is owned by institutional investors.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.