TriCo Bancshares $TCBK Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in TriCo Bancshares (NASDAQ:TCBK) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 421,184 shares of the financial services provider’s stock after selling 14,490 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.32% of TriCo Bancshares worth $20,023,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TCBK. North Reef Capital Management LP acquired a new stake in TriCo Bancshares during the 4th quarter worth approximately $22,994,000. Mercer Global Advisors Inc. ADV acquired a new position in TriCo Bancshares during the third quarter valued at approximately $6,972,000. Millennium Management LLC grew its stake in TriCo Bancshares by 292.7% during the third quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider’s stock worth $6,009,000 after buying an additional 100,858 shares during the period. Rice Hall James & Associates LLC purchased a new stake in TriCo Bancshares during the first quarter worth approximately $4,527,000. Finally, FJ Capital Management LLC acquired a new stake in shares of TriCo Bancshares in the fourth quarter worth $4,381,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Stock Down 0.7%

Shares of NASDAQ:TCBK opened at $57.54 on Friday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 13.80 and a beta of 0.60. The company has a 50 day moving average of $54.20 and a two-hundred day moving average of $51.04. TriCo Bancshares has a 52-week low of $39.84 and a 52-week high of $61.71. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $111.88 million for the quarter, compared to analysts’ expectations of $110.99 million. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.27%. As a group, analysts forecast that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.36 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. TriCo Bancshares’s payout ratio is currently 34.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Raymond James Financial cut shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. Piper Sandler increased their price target on TriCo Bancshares from $61.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Stephens lowered TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective on the stock. in a research report on Wednesday, July 15th. Finally, DA Davidson cut their price objective on TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday, July 27th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, TriCo Bancshares has a consensus rating of “Hold” and a consensus target price of $56.60.

About TriCo Bancshares

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.