The Manufacturers Life Insurance Company cut its stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 466,416 shares of the financial services provider's stock after selling 11,885 shares during the period. The Manufacturers Life Insurance Company owned 1.41% of TriCo Bancshares worth $19,893,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. raised 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 acquiring an additional 116,838 shares during the period. American Century Companies Inc. raised its position in TriCo Bancshares by 27.3% in the second quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider's stock valued at $15,975,000 after purchasing an additional 86,689 shares during the period. Dimensional Fund Advisors LP lifted 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 in the last quarter. Hantz Financial Services Inc. purchased a new stake in shares of TriCo Bancshares in the second quarter worth about $1,002,000. Finally, Renaissance Technologies LLC boosted its position in shares of TriCo Bancshares by 8.9% in the second quarter. Renaissance Technologies LLC now owns 235,867 shares of the financial services provider's stock worth $9,333,000 after buying an additional 19,224 shares during the period. 59.11% of the stock is currently owned by institutional investors and hedge funds.
TriCo Bancshares Stock Down 1.1 %
Shares of NASDAQ:TCBK traded down $0.54 during midday trading on Friday, reaching $48.34. The company had a trading volume of 109,695 shares, compared to its average volume of 120,846. The stock has a market capitalization of $1.60 billion, a P/E ratio of 14.39 and a beta of 0.54. The stock's fifty day moving average price is $44.78 and its 200-day moving average price is $42.41. 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 has a one year low of $31.73 and a one year high of $51.06.
TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The company had revenue of $133.84 million during the quarter, compared to the consensus estimate of $98.65 million. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. Equities research analysts expect that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.
TriCo Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.33 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.32 annualized dividend and a dividend yield of 2.73%. TriCo Bancshares's payout ratio is 39.29%.
Analysts Set New Price Targets
Several research firms recently commented on TCBK. Stephens reduced their price target on TriCo Bancshares from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 29th. DA Davidson cut 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 research report on Tuesday, November 12th. Finally, Piper Sandler lowered their price target on shares of TriCo Bancshares from $53.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, TriCo Bancshares currently has an average rating of "Hold" and an average target price of $48.20.
Read Our Latest Research Report on TCBK
About TriCo Bancshares
(
Free Report)
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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