TriCo Bancshares (NASDAQ:TCBK) Price Target Cut to $50.00

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) had its price target lowered by analysts at Piper Sandler from $53.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's target price would suggest a potential upside of 15.18% from the stock's previous close.

TCBK has been the subject of a number of other reports. DA Davidson increased their price target on shares of TriCo Bancshares from $41.00 to $55.00 and gave the company a "buy" rating in a report on Monday, July 29th. Janney Montgomery Scott reissued a "neutral" rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $48.00 price target (up from $42.00) on shares of TriCo Bancshares in a research note on Monday, July 29th. Finally, Stephens raised their price objective on TriCo Bancshares from $43.00 to $53.00 and gave the stock an "overweight" rating in a research report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, TriCo Bancshares presently has an average rating of "Moderate Buy" and an average target price of $49.20.

TriCo Bancshares Stock Performance

Shares of NASDAQ TCBK traded up $1.19 during trading hours on Monday, hitting $43.41. 8,949 shares of the company's stock were exchanged, compared to its average volume of 116,261. The company's 50-day moving average price is $43.30 and its 200-day moving average price is $40.41. TriCo Bancshares has a 1-year low of $31.73 and a 1-year high of $48.80. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 13.23 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.85 and a quick ratio of 0.85.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.60% and a net margin of 21.12%. The company had revenue of $133.84 million during the quarter, compared to analyst estimates of $98.65 million. On average, sell-side analysts expect that TriCo Bancshares will post 3.34 earnings per share for the current fiscal year.

Insider Transactions at TriCo Bancshares

In other news, Director Cory W. Giese sold 3,465 shares of the business's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $43.11, for a total value of $149,376.15. Following the transaction, the director now directly owns 11,228 shares of the company's stock, valued at $484,039.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other TriCo Bancshares news, Director Cory W. Giese sold 3,465 shares of the business's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $43.11, for a total value of $149,376.15. Following the completion of the transaction, the director now directly owns 11,228 shares of the company's stock, valued at approximately $484,039.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael W. Koehnen sold 1,400 shares of the company's stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now owns 3,000 shares in the company, valued at $135,600. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.64% of the company's stock.

Hedge Funds Weigh In On TriCo Bancshares

Several large investors have recently made changes to their positions in the company. Sweeney & Michel LLC acquired a new position in TriCo Bancshares during the 1st quarter valued at about $5,015,000. Assenagon Asset Management S.A. lifted its stake in shares of TriCo Bancshares by 839.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider's stock valued at $5,577,000 after purchasing an additional 116,838 shares during the period. American Century Companies Inc. boosted its position in shares of TriCo Bancshares by 27.3% in the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider's stock worth $15,975,000 after purchasing an additional 86,689 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of TriCo Bancshares by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider's stock worth $59,471,000 after purchasing an additional 50,358 shares during the period. Finally, Heartland Advisors Inc. increased its holdings in TriCo Bancshares by 25.0% in the first quarter. Heartland Advisors Inc. now owns 250,000 shares of the financial services provider's stock valued at $9,195,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 59.11% 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.

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