Karp Capital Management Corp Purchases New Stake in TriCo Bancshares (NASDAQ:TCBK)

Karp Capital Management Corp acquired a new position in TriCo Bancshares (NASDAQ:TCBK) during the first quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,895 shares of the financial services provider’s stock, valued at approximately $245,000.

A number of other large investors also recently modified their holdings of TCBK. Russell Investments Group Ltd. bought a new stake in shares of TriCo Bancshares during the fourth quarter worth approximately $3,364,000. FSI Group LLC acquired a new position in shares of TriCo Bancshares during the first quarter valued at about $2,167,000. Dimensional Fund Advisors LP raised its position in shares of TriCo Bancshares by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,002,978 shares of the financial services provider’s stock valued at $34,282,000 after buying an additional 33,280 shares during the period. LSV Asset Management raised its position in shares of TriCo Bancshares by 7.4% in the first quarter. LSV Asset Management now owns 423,008 shares of the financial services provider’s stock valued at $15,029,000 after buying an additional 29,200 shares during the period. Finally, State Street Corp raised its position in shares of TriCo Bancshares by 7.6% in the fourth quarter. State Street Corp now owns 404,816 shares of the financial services provider’s stock valued at $13,836,000 after buying an additional 28,493 shares during the period. 68.51% of the stock is currently owned by hedge funds and other institutional investors.

Shares of TriCo Bancshares (TCBK) opened at 35.26 on Tuesday. The firm’s 50-day moving average is $35.35 and its 200 day moving average is $35.22. The firm has a market capitalization of $806.50 million, a P/E ratio of 17.63 and a beta of 0.88. TriCo Bancshares has a one year low of $23.90 and a one year high of $37.98.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, April 27th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. TriCo Bancshares had a return on equity of 9.63% and a net margin of 20.92%. The company had revenue of $53.70 million for the quarter, compared to analysts’ expectations of $56.11 million. Equities research analysts predict that TriCo Bancshares will post $2.09 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 15th were given a $0.17 dividend. This is a positive change from TriCo Bancshares’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Tuesday, June 13th. TriCo Bancshares’s dividend payout ratio is presently 34.00%.

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Several research analysts have recently issued reports on TCBK shares. Zacks Investment Research raised shares of TriCo Bancshares from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Tuesday, June 27th. ValuEngine raised shares of TriCo Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. FBR & Co reissued a “hold” rating and set a $37.00 price objective on shares of TriCo Bancshares in a research note on Monday, May 1st. Finally, BidaskClub lowered shares of TriCo Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $35.00.

TriCo Bancshares Company Profile

TriCo Bancshares is a bank holding company. The Company’s principal subsidiary is Tri Counties Bank, a California-chartered commercial bank (the Bank). The Bank offers banking services to retail customers and small to medium-sized businesses through 68 branch offices in Northern and Central California.

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

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