Arete Wealth Advisors LLC purchased a new stake in TriCo Bancshares (NASDAQ:TCBK – Get Rating) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 168,210 shares of the financial services provider’s stock, valued at approximately $7,511,000. TriCo Bancshares comprises 0.7% of Arete Wealth Advisors LLC’s investment portfolio, making the stock its 28th biggest position. Arete Wealth Advisors LLC owned about 0.50% of TriCo Bancshares at the end of the most recent quarter.
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A number of other hedge funds also recently made changes to their positions in the stock. Creative Planning acquired a new position in shares of TriCo Bancshares in the 3rd quarter valued at $275,000. Teacher Retirement System of Texas lifted its holdings in shares of TriCo Bancshares by 4.0% during the 3rd quarter. Teacher Retirement System of Texas now owns 4,881 shares of the financial services provider’s stock valued at $218,000 after acquiring an additional 187 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of TriCo Bancshares by 83.7% during the 3rd quarter. Victory Capital Management Inc. now owns 20,413 shares of the financial services provider’s stock valued at $911,000 after acquiring an additional 9,300 shares in the last quarter. Rice Hall James & Associates LLC lifted its holdings in shares of TriCo Bancshares by 91.0% during the 3rd quarter. Rice Hall James & Associates LLC now owns 67,024 shares of the financial services provider’s stock valued at $2,993,000 after acquiring an additional 31,926 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of TriCo Bancshares by 122.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 3,580 shares of the financial services provider’s stock valued at $160,000 after acquiring an additional 1,972 shares in the last quarter. Institutional investors and hedge funds own 60.69% of the company’s stock.
Wall Street Analyst Weigh In
TCBK has been the topic of several recent research reports. DA Davidson lifted their target price on shares of TriCo Bancshares to $62.00 in a report on Thursday, October 27th. Stephens boosted their price objective on shares of TriCo Bancshares to $60.00 in a report on Friday, November 4th. StockNews.com assumed coverage on shares of TriCo Bancshares in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Piper Sandler boosted their price objective on shares of TriCo Bancshares to $67.00 in a report on Tuesday, November 1st. Finally, Raymond James cut their price objective on shares of TriCo Bancshares from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.20.
TriCo Bancshares Stock Performance
NASDAQ TCBK traded up $0.76 on Friday, hitting $49.82. The stock had a trading volume of 5,679 shares, compared to its average volume of 55,916. TriCo Bancshares has a one year low of $37.41 and a one year high of $58.62. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 12.88 and a beta of 0.59. The company’s 50-day moving average is $50.69 and its two-hundred day moving average is $49.60.
TriCo Bancshares (NASDAQ:TCBK – Get Rating) last posted its earnings results on Wednesday, October 26th. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.05 by $0.07. TriCo Bancshares had a net margin of 29.97% and a return on equity of 11.98%. The firm had revenue of $109.75 million during the quarter, compared to analysts’ expectations of $104.96 million. On average, analysts expect that TriCo Bancshares will post 4.64 earnings per share for the current year.
TriCo Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 23rd. Stockholders of record on Friday, December 9th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, December 8th. TriCo Bancshares’s dividend payout ratio is currently 31.50%.
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; commercial loans, including agricultural loans; and real estate construction loans.
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