Quantbot Technologies LP Takes Position in TriCo Bancshares $TCBK

Quantbot Technologies LP acquired a new stake in shares of TriCo Bancshares (NASDAQ:TCBK) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 9,788 shares of the financial services provider’s stock, valued at approximately $527,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TCBK. BlackRock Inc. acquired a new stake in TriCo Bancshares in the second quarter worth approximately $137,197,000. North Reef Capital Management LP acquired a new position in shares of TriCo Bancshares during the 4th quarter valued at $22,994,000. Heartland Advisors Inc. acquired a new position in shares of TriCo Bancshares during the 2nd quarter valued at $13,462,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of TriCo Bancshares in the 3rd quarter worth $6,972,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of TriCo Bancshares in the 2nd quarter worth $8,378,000. Institutional investors own 59.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on TCBK shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. Piper Sandler boosted their price target on shares of TriCo Bancshares from $61.00 to $63.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. DA Davidson lowered their price objective on shares of TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, July 27th. Finally, Stephens upgraded shares of TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.60.

TriCo Bancshares Stock Performance

TCBK opened at $53.87 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market cap of $1.72 billion, a PE ratio of 12.92 and a beta of 0.60. The business has a fifty day simple moving average of $56.29 and a 200-day simple moving average of $51.92. TriCo Bancshares has a fifty-two week low of $40.44 and a fifty-two week high of $61.71.

TriCo Bancshares (NASDAQ:TCBK) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%.The company had revenue of $111.88 million for the quarter, compared to analyst estimates of $110.99 million. As a group, equities analysts predict that TriCo Bancshares will post 4.28 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 11th. TriCo Bancshares’s payout ratio is presently 34.53%.

About TriCo Bancshares

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.