The Manufacturers Life Insurance Company Has $18.93 Million Stake in TriCo Bancshares (NASDAQ:TCBK)

The Manufacturers Life Insurance Company cut its holdings in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 5.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 478,301 shares of the financial services provider's stock after selling 27,229 shares during the quarter. The Manufacturers Life Insurance Company owned about 1.45% of TriCo Bancshares worth $18,926,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its position in shares of TriCo Bancshares by 8.2% during the 1st quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider's stock worth $139,000 after purchasing an additional 287 shares during the last quarter. ProShare Advisors LLC grew its position in TriCo Bancshares by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider's stock worth $205,000 after purchasing an additional 439 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of TriCo Bancshares during the 1st quarter worth about $227,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of TriCo Bancshares by 10.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,973 shares of the financial services provider's stock valued at $315,000 after buying an additional 758 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of TriCo Bancshares by 8.7% in the fourth quarter. Principal Financial Group Inc. now owns 9,545 shares of the financial services provider's stock valued at $410,000 after buying an additional 764 shares during the period. 59.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Piper Sandler upped their price target on TriCo Bancshares from $47.00 to $53.00 and gave the company an "overweight" rating in a report on Monday, July 29th. DA Davidson lifted their price target on shares of TriCo Bancshares from $41.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, July 29th. Janney Montgomery Scott restated a "neutral" rating on shares of TriCo Bancshares in a research note on Friday, July 26th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $48.00 target price (up from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Finally, Stephens increased their price target on shares of TriCo Bancshares from $43.00 to $53.00 and gave the stock an "overweight" rating in a research report on Monday, July 29th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, TriCo Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $49.80.

TriCo Bancshares Price Performance

NASDAQ:TCBK traded down $0.22 on Wednesday, reaching $40.66. The stock had a trading volume of 77,971 shares, compared to its average volume of 118,732. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.34 billion, a P/E ratio of 12.36 and a beta of 0.54. TriCo Bancshares has a 1-year low of $29.38 and a 1-year high of $48.80. The stock has a fifty day moving average price of $43.52 and a 200-day moving average price of $39.37.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.07. TriCo Bancshares had a return on equity of 9.93% and a net margin of 21.63%. The business had revenue of $97.86 million for the quarter, compared to analyst estimates of $98.55 million. Research analysts forecast that TriCo Bancshares will post 3.3 EPS for the current year.

TriCo Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were issued a $0.33 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.25%. TriCo Bancshares's dividend payout ratio is 40.24%.

Insider Buying and Selling

In other TriCo Bancshares news, Director Cory W. Giese sold 3,465 shares of the firm'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 sale, the director now owns 11,228 shares in the company, valued at approximately $484,039.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Michael W. Koehnen sold 1,400 shares of the company's stock in a transaction 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 of the company's stock, valued at $135,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cory W. Giese sold 3,465 shares of the firm'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 owns 11,228 shares in the company, valued at approximately $484,039.08. The disclosure for this sale can be found here. 4.64% of the stock is owned by corporate insiders.

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.