Franklin Resources Inc. Lowers Position in TriCo Bancshares (NASDAQ:TCBK)

Franklin Resources Inc. lessened its holdings in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,531,369 shares of the financial services provider's stock after selling 61,215 shares during the period. Franklin Resources Inc. owned about 4.64% of TriCo Bancshares worth $67,533,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its position in TriCo Bancshares by 839.2% during the third quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider's stock worth $5,577,000 after purchasing an additional 116,838 shares during the period. American Century Companies Inc. raised its holdings in shares of TriCo Bancshares by 27.3% during the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider's stock worth $15,975,000 after buying an additional 86,689 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in TriCo Bancshares by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider's stock valued at $59,471,000 after buying an additional 50,358 shares in the last quarter. Barclays PLC lifted its stake in TriCo Bancshares by 127.0% in the 3rd quarter. Barclays PLC now owns 57,879 shares of the financial services provider's stock valued at $2,468,000 after purchasing an additional 32,379 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in TriCo Bancshares in the second quarter valued at approximately $1,002,000. 59.11% of the stock is owned by institutional investors.

TriCo Bancshares Stock Down 2.9 %

Shares of TriCo Bancshares stock traded down $1.42 during trading on Tuesday, reaching $46.89. 98,547 shares of the company traded hands, compared to its average volume of 116,894. The firm has a market capitalization of $1.55 billion, a PE ratio of 13.96 and a beta of 0.56. TriCo Bancshares has a 1-year low of $31.73 and a 1-year high of $51.06. The company has a 50 day moving average price of $46.26 and a 200-day moving average price of $43.26. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $133.84 million for the quarter, compared to analyst estimates of $98.65 million. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. As a group, equities research analysts expect that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.33 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.32 annualized dividend and a yield of 2.82%. TriCo Bancshares's payout ratio is currently 39.29%.

Analyst Upgrades and Downgrades

TCBK has been the topic of a number of research reports. DA Davidson lowered shares of TriCo Bancshares from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $50.00 to $53.00 in a report on Tuesday, November 12th. Piper Sandler cut their price target on shares of TriCo Bancshares from $53.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, October 28th. Finally, Stephens lowered their price objective on TriCo Bancshares from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $48.20.

Insider Buying and Selling at TriCo Bancshares

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the firm's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total value of $252,297.00. Following the transaction, the director now directly owns 6,128 shares of the company's stock, valued at approximately $303,152.16. This trade represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.64% of the company's stock.

About TriCo Bancshares

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; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.