Abbrea Capital LLC Makes New Investment in TriCo Bancshares (NASDAQ:TCBK)

Abbrea Capital LLC acquired a new position in TriCo Bancshares (NASDAQ:TCBK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,004 shares of the financial services provider’s stock, valued at approximately $258,000.

Several other hedge funds and other institutional investors have also bought and sold shares of TCBK. Lindbrook Capital LLC raised its stake in shares of TriCo Bancshares by 124.6% in the fourth quarter. Lindbrook Capital LLC now owns 793 shares of the financial services provider’s stock valued at $34,000 after buying an additional 440 shares during the period. Quantbot Technologies LP raised its stake in shares of TriCo Bancshares by 49.6% in the third quarter. Quantbot Technologies LP now owns 4,918 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,631 shares during the period. Aigen Investment Management LP bought a new stake in shares of TriCo Bancshares in the third quarter valued at $213,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of TriCo Bancshares by 39.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,215 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 2,024 shares in the last quarter. Finally, Bailard Inc. purchased a new stake in TriCo Bancshares during the 4th quarter valued at about $249,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

Wall Street Analysts Forecast Growth

TCBK has been the subject of several analyst reports. Keefe, Bruyette & Woods dropped their target price on TriCo Bancshares from $44.00 to $42.00 and set a “market perform” rating for the company in a report on Friday, January 26th. StockNews.com downgraded TriCo Bancshares from a “hold” rating to a “sell” rating in a research note on Monday. DA Davidson cut their price target on TriCo Bancshares from $49.00 to $45.00 and set a “buy” rating for the company in a report on Friday, January 26th. Finally, Raymond James boosted their price objective on TriCo Bancshares from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $42.00.

TriCo Bancshares Stock Performance

TCBK stock traded down $0.56 during midday trading on Thursday, reaching $34.24. The stock had a trading volume of 104,281 shares, compared to its average volume of 116,126. The firm has a fifty day simple moving average of $34.34 and a two-hundred day simple moving average of $36.11. The stock has a market cap of $1.14 billion, a PE ratio of 9.73 and a beta of 0.53. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.87 and a current ratio of 0.87. TriCo Bancshares has a 52-week low of $28.66 and a 52-week high of $45.84.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.07). The business had revenue of $131.95 million for the quarter, compared to analyst estimates of $101.30 million. TriCo Bancshares had a net margin of 23.49% and a return on equity of 10.64%. As a group, equities research analysts anticipate that TriCo Bancshares will post 3.25 EPS for the current year.

TriCo Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $0.33 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from TriCo Bancshares’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 3.86%. TriCo Bancshares’s dividend payout ratio (DPR) is currently 37.50%.

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.