TriCo Bancshares (NASDAQ:TCBK) Reaches New 12-Month High – Should You Buy?

TriCo Bancshares (NASDAQ:TCBK)’s share price hit a new 52-week high on Monday . The stock traded as high as $50.71 and last traded at $50.68, with a volume of 11943 shares changing hands. The stock had previously closed at $48.95.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TCBK shares. Stephens reduced their price objective on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. DA Davidson downgraded TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their price target for the company from $50.00 to $53.00 in a report on Tuesday, November 12th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a report on Monday, July 29th. Finally, Piper Sandler dropped their target price on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $48.20.

TriCo Bancshares Stock Performance

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $44.28 and a two-hundred day moving average price of $42.06. The stock has a market capitalization of $1.66 billion, a P/E ratio of 14.57 and a beta of 0.54.

TriCo Bancshares (NASDAQ:TCBK) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The firm had revenue of $133.84 million for the quarter, compared to the consensus estimate of $98.65 million. On average, equities analysts forecast that TriCo Bancshares will post 3.38 earnings per share for the current year.

Insider Transactions at TriCo Bancshares

In other TriCo Bancshares news, Director Michael W. Koehnen sold 1,400 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total value of $63,280.00. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $135,600. This represents a 31.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TriCo Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sweeney & Michel LLC bought a new position in shares of TriCo Bancshares in the 1st quarter valued at about $5,015,000. Assenagon Asset Management S.A. lifted its holdings in TriCo Bancshares by 839.2% in the third quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock valued at $5,577,000 after acquiring an additional 116,838 shares during the period. American Century Companies Inc. increased its stake in shares of TriCo Bancshares by 27.3% during the second quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock worth $15,975,000 after purchasing an additional 86,689 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in TriCo Bancshares by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock worth $59,471,000 after buying an additional 50,358 shares during the last quarter. Finally, Barclays PLC boosted its stake in TriCo Bancshares by 127.0% during the third quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock worth $2,468,000 after buying an additional 32,379 shares during the period. Hedge funds and other institutional investors own 59.11% 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 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.