Geode Capital Management LLC Grows Position in TriCo Bancshares (NASDAQ:TCBK)

Geode Capital Management LLC boosted its stake in shares of TriCo Bancshares (NASDAQ:TCBK) by 8.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 410,856 shares of the financial services provider’s stock after buying an additional 32,878 shares during the period. Geode Capital Management LLC owned 1.37% of TriCo Bancshares worth $12,251,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in TCBK. First Trust Advisors LP increased its holdings in TriCo Bancshares by 12.5% in the 1st quarter. First Trust Advisors LP now owns 36,330 shares of the financial services provider’s stock valued at $1,427,000 after purchasing an additional 4,046 shares during the last quarter. Rhumbline Advisers raised its position in TriCo Bancshares by 1.7% in the 4th quarter. Rhumbline Advisers now owns 43,767 shares of the financial services provider’s stock valued at $1,786,000 after purchasing an additional 739 shares in the last quarter. Swiss National Bank boosted its stake in shares of TriCo Bancshares by 2.1% in the 4th quarter. Swiss National Bank now owns 52,500 shares of the financial services provider’s stock valued at $2,143,000 after buying an additional 1,100 shares during the period. State Street Corp grew its position in shares of TriCo Bancshares by 5.2% during the fourth quarter. State Street Corp now owns 590,449 shares of the financial services provider’s stock worth $24,096,000 after buying an additional 29,009 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in TriCo Bancshares by 53.2% in the fourth quarter. Sei Investments Co. now owns 8,639 shares of the financial services provider’s stock valued at $353,000 after acquiring an additional 3,000 shares in the last quarter. 64.26% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:TCBK opened at $29.34 on Wednesday. The firm’s fifty day simple moving average is $27.88 and its 200-day simple moving average is $32.80. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.12. The stock has a market cap of $826.79 million, a PE ratio of 10.52 and a beta of 0.76. TriCo Bancshares has a fifty-two week low of $23.05 and a fifty-two week high of $41.42.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.05). TriCo Bancshares had a return on equity of 9.64% and a net margin of 26.28%. The company had revenue of $75.01 million for the quarter, compared to analysts’ expectations of $75.71 million. Equities analysts anticipate that TriCo Bancshares will post 2.31 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Thursday, June 11th. TriCo Bancshares’s dividend payout ratio is currently 29.33%.

TCBK has been the subject of a number of analyst reports. Piper Sandler lowered their target price on shares of TriCo Bancshares from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. BidaskClub upgraded TriCo Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Raymond James upped their price target on TriCo Bancshares from $30.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. ValuEngine cut shares of TriCo Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, May 19th. Finally, Zacks Investment Research cut TriCo Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, May 15th. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $37.50.

TriCo Bancshares Company Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. It accepts demand, savings, and money market accounts, as well as time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans.

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Institutional Ownership by Quarter for TriCo Bancshares (NASDAQ:TCBK)

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