TriCo Bancshares (NASDAQ: TCBK) has experienced a shift in its investment outlook as Zacks Research downgraded its rating from “strong-buy” to “hold.” This decision was communicated in a research note released on October 24, 2023. The adjustment reflects a broader analysis of the bank’s stock performance and market conditions.
Several other financial analysts have also weighed in on TriCo Bancshares. On the same day of Zacks’ downgrade, Raymond James Financial reaffirmed its “outperform” rating, raising the price target for the stock to $46.00, up from a previous target of $45.00. The following day, Weiss Ratings maintained a “hold (C+)” rating for the financial institution, signaling a cautious approach to its performance.
Additionally, on October 25, Wall Street Zen upgraded TriCo Bancshares from a “sell” to a “hold” rating. Meanwhile, Keefe, Bruyette & Woods increased their price target for the bank from $46.00 to $50.00, assigning it a “market perform” rating on October 27. Overall, three analysts currently rate the stock as a Buy, while four have issued a Hold rating. According to MarketBeat.com, the stock holds an average rating of “Hold” with an average target price of $48.60.
Recent Earnings Performance
TriCo Bancshares released its latest earnings results on October 22, 2023. The company reported earnings per share (EPS) of $1.04, surpassing analysts’ expectations of $0.92 by $0.12. The total revenue for the quarter reached $107.56 million, slightly above the anticipated $107.08 million. The financial institution also noted a return on equity of 9.27% and a net margin of 21.87%. Analysts project that TriCo Bancshares will achieve an EPS of $3.35 for the current fiscal year.
Institutional Investment Activity
In recent months, various hedge funds have adjusted their stakes in TriCo Bancshares. Notably, Larson Financial Group LLC increased its holdings by 337.5% during the third quarter, now owning 595 shares, valued at approximately $26,000 after acquiring an additional 459 shares. The State of Alaska Department of Revenue also entered a new position in the company during the same period, valued at roughly $58,000.
Moreover, PNC Financial Services Group Inc. purchased a new position worth about $76,000, while Federated Hermes Inc. raised its stake by 17.7%, now holding 1,928 shares valued at $78,000. Additionally, CWM LLC increased its stake by 74.0%, owning 2,001 shares now valued at $89,000. Presently, institutional investors and hedge funds own 59.11% of TriCo Bancshares’ stock.
TriCo Bancshares, headquartered in Chico, California, serves as the bank holding company for Tri Counties Bank. The financial institution provides a comprehensive array of banking services, including commercial and consumer lending, deposit accounts, mortgage banking, and agricultural financing. With a commitment to personalized service and modern technology, TriCo Bancshares aims to meet the evolving needs of its diverse clientele.
