Franklin Resources Inc. trimmed its holdings in TriCo Bancshares (NASDAQ:TCBK – Free Report) by 3.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,531,369 shares of the financial services provider’s stock after selling 61,215 shares during the quarter. Franklin Resources Inc.’s holdings in TriCo Bancshares were worth $67,533,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of TriCo Bancshares in the third quarter worth about $28,000. Point72 DIFC Ltd bought a new position in TriCo Bancshares in the 3rd quarter worth approximately $114,000. Quantbot Technologies LP bought a new position in TriCo Bancshares in the 3rd quarter worth approximately $129,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in TriCo Bancshares during the 3rd quarter worth $210,000. Finally, Y Intercept Hong Kong Ltd bought a new position in TriCo Bancshares in the 3rd quarter valued at $259,000. Institutional investors and hedge funds own 59.11% of the company’s stock.
Insiders Place Their Bets
In related news, Director Cory W. Giese sold 5,100 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were 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. This represents a 45.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.64% of the company’s stock.
TriCo Bancshares Stock Up 0.6 %
TriCo Bancshares (NASDAQ:TCBK – Get Free Report) last posted its 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 during the quarter, compared to analyst estimates of $98.65 million. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. Research analysts predict that TriCo Bancshares will post 3.38 EPS for the current year.
TriCo Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, December 6th. TriCo Bancshares’s payout ratio is presently 39.29%.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on TCBK shares. Stephens cut their price target on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. DA Davidson downgraded shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and upped their target price for the company 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 research report on Monday, October 28th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, TriCo Bancshares presently has an average rating of “Hold” and a consensus target price of $48.20.
View Our Latest Stock Report on TCBK
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.
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