State Street Corp Lowers Stock Position in TriCo Bancshares (NASDAQ:TCBK)

State Street Corp reduced its stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 892,227 shares of the financial services provider's stock after selling 13,497 shares during the period. State Street Corp owned approximately 2.70% of TriCo Bancshares worth $38,053,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in TriCo Bancshares by 5.6% during the second quarter. Bank of New York Mellon Corp now owns 184,610 shares of the financial services provider's stock worth $7,305,000 after buying an additional 9,723 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of TriCo Bancshares by 10.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,973 shares of the financial services provider's stock worth $315,000 after acquiring an additional 758 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of TriCo Bancshares by 7.5% in the 2nd quarter. Principal Financial Group Inc. now owns 13,978 shares of the financial services provider's stock worth $553,000 after acquiring an additional 973 shares during the period. Hantz Financial Services Inc. purchased a new position in TriCo Bancshares in the 2nd quarter valued at approximately $1,002,000. Finally, Rhumbline Advisers raised its holdings in TriCo Bancshares by 1.8% during the second quarter. Rhumbline Advisers now owns 63,125 shares of the financial services provider's stock worth $2,498,000 after purchasing an additional 1,109 shares during the last quarter. 59.11% of the stock is owned by institutional investors and hedge funds.

TriCo Bancshares Price Performance

Shares of TCBK traded up $0.57 during trading hours on Friday, reaching $44.45. 296,063 shares of the company traded hands, compared to its average volume of 117,984. The stock has a market capitalization of $1.47 billion, a PE ratio of 13.23 and a beta of 0.56. The stock has a fifty day simple moving average of $46.46 and a 200 day simple moving average of $43.38. TriCo Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $51.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.30.

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

TriCo Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.33 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.32 annualized dividend and a yield of 2.97%. TriCo Bancshares's payout ratio is currently 39.29%.

Insider Buying and Selling at TriCo Bancshares

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total value of $252,297.00. Following the completion of the sale, the director now owns 6,128 shares in the company, valued at $303,152.16. The trade was a 45.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.64% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on TCBK. Piper Sandler lowered their target price on TriCo Bancshares from $53.00 to $50.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. DA Davidson cut shares of TriCo Bancshares from a "buy" rating to a "neutral" rating and increased their price objective for the company from $50.00 to $53.00 in a research note on Tuesday, November 12th. Finally, Stephens dropped their target price on shares of TriCo Bancshares from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $48.20.

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.