TriCo Bancshares $TCBK Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in shares of TriCo Bancshares (NASDAQ:TCBK) by 3.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 421,184 shares of the financial services provider’s stock after selling 14,490 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in TriCo Bancshares were worth $20,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Larson Financial Group LLC grew its position in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after buying an additional 459 shares in the last quarter. Danske Bank A S bought a new stake in shares of TriCo Bancshares in the fourth quarter worth $28,000. Farther Finance Advisors LLC raised its holdings in TriCo Bancshares by 40.3% in the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 211 shares in the last quarter. Abound Financial LLC acquired a new stake in TriCo Bancshares in the fourth quarter valued at $43,000. Finally, Parallel Advisors LLC boosted its stake in TriCo Bancshares by 88.5% during the 1st quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider’s stock valued at $68,000 after acquiring an additional 676 shares during the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TCBK. Stephens lowered shares of TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective for the company. in a report on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. Raymond James Financial cut shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. DA Davidson lowered their price objective on TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Finally, Zacks Research cut TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, TriCo Bancshares presently has an average rating of “Hold” and an average target price of $56.60.

TriCo Bancshares Stock Down 0.7%

Shares of NASDAQ:TCBK opened at $57.54 on Friday. The company’s fifty day moving average is $54.20 and its two-hundred day moving average is $51.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.87. TriCo Bancshares has a 1-year low of $39.84 and a 1-year high of $61.71. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 13.80 and a beta of 0.60.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.27%. The business had revenue of $111.88 million during the quarter, compared to analyst estimates of $110.99 million. Equities analysts anticipate that TriCo Bancshares will post 4.28 EPS for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.36 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. TriCo Bancshares’s dividend payout ratio (DPR) is currently 34.53%.

TriCo Bancshares 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.