Empowered Funds LLC Decreases Stake in TriCo Bancshares (NASDAQ:TCBK)

Empowered Funds LLC reduced its stake in shares of TriCo Bancshares (NASDAQ:TCBK) by 10.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 47,253 shares of the financial services provider’s stock after selling 5,581 shares during the period. Empowered Funds LLC’s holdings in TriCo Bancshares were worth $2,065,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in TCBK. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of TriCo Bancshares during the 3rd quarter worth $28,000. Point72 DIFC Ltd acquired a new position in shares of TriCo Bancshares during the 3rd quarter worth $114,000. Quantbot Technologies LP acquired a new position in shares of TriCo Bancshares during the 3rd quarter worth $129,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of TriCo Bancshares during the 3rd quarter worth $210,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of TriCo Bancshares during the 4th quarter worth $212,000. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Stock Up 1.3 %

TCBK opened at $44.92 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 12.98 and a beta of 0.57. The business has a 50-day moving average of $44.28 and a two-hundred day moving average of $44.36. TriCo Bancshares has a 12 month low of $31.73 and a 12 month high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.79 by $0.09. TriCo Bancshares had a return on equity of 9.63% and a net margin of 21.63%. On average, research analysts expect that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.94%. The ex-dividend date was Friday, December 6th. TriCo Bancshares’s dividend payout ratio (DPR) is 38.15%.

Insider Buying and Selling at TriCo Bancshares

In other news, Director Cory W. Giese sold 5,100 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total transaction of $252,297.00. Following the completion of the sale, the director now owns 6,128 shares in the company, valued at approximately $303,152.16. The trade was a 45.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.64% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on TCBK. DA Davidson downgraded TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $50.00 to $53.00 in a research note on Tuesday, November 12th. Keefe, Bruyette & Woods cut their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set a “market perform” rating for the company in a research note on Tuesday, January 28th. Stephens cut their target price on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Finally, Piper Sandler cut their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.75.

TriCo Bancshares Profile

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.