Zacks Investment Research Upgrades TriCo Bancshares (TCBK) to “Hold”

Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a sell rating to a hold rating in a report published on Wednesday morning.

According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “

Several other research analysts have also recently weighed in on the stock. BidaskClub upgraded shares of TriCo Bancshares from a sell rating to a hold rating in a report on Tuesday, October 30th. ValuEngine upgraded shares of TriCo Bancshares from a sell rating to a hold rating in a report on Monday, October 29th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. TriCo Bancshares has a consensus rating of Buy and an average target price of $43.60.

Shares of TriCo Bancshares stock traded up $0.31 on Wednesday, hitting $36.98. The company had a trading volume of 1,188 shares, compared to its average volume of 61,949. The stock has a market capitalization of $1.12 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 2.04 and a beta of 0.80. TriCo Bancshares has a twelve month low of $33.35 and a twelve month high of $43.79. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.41.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings results on Monday, October 29th. The financial services provider reported $0.53 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.53. The company had revenue of $72.68 million during the quarter, compared to analysts’ expectations of $72.54 million. TriCo Bancshares had a net margin of 18.77% and a return on equity of 11.22%. Equities analysts anticipate that TriCo Bancshares will post 2.57 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Eagle Asset Management Inc. grew its position in TriCo Bancshares by 1.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 368,648 shares of the financial services provider’s stock valued at $14,237,000 after purchasing an additional 3,603 shares during the period. Swiss National Bank grew its position in TriCo Bancshares by 27.2% in the 3rd quarter. Swiss National Bank now owns 45,800 shares of the financial services provider’s stock valued at $1,769,000 after purchasing an additional 9,800 shares during the period. Rhumbline Advisers grew its position in TriCo Bancshares by 54.0% in the 3rd quarter. Rhumbline Advisers now owns 34,587 shares of the financial services provider’s stock valued at $1,336,000 after purchasing an additional 12,132 shares during the period. JPMorgan Chase & Co. grew its position in TriCo Bancshares by 6.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 608,278 shares of the financial services provider’s stock valued at $23,493,000 after purchasing an additional 38,149 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in TriCo Bancshares in the 3rd quarter valued at $1,842,000. Institutional investors and hedge funds own 53.92% of the company’s stock.

About TriCo Bancshares

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to retail customers and small to medium-sized businesses. It accepts demand, savings, and money market accounts, as well as time deposits; and provides residential and commercial real estate mortgage, consumer, commercial, agricultural, and real estate construction loans.

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