TriCo Bancshares (NASDAQ:TCBK) Downgraded by BidaskClub to Strong Sell

TriCo Bancshares (NASDAQ:TCBK) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday, BidAskClub reports.

Separately, ValuEngine cut TriCo Bancshares from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $36.67.

TCBK opened at $26.10 on Thursday. The stock has a market cap of $776.71 million, a P/E ratio of 11.40 and a beta of 0.68. TriCo Bancshares has a 12 month low of $23.05 and a 12 month high of $41.42. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $28.42 and a 200 day simple moving average of $28.78.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.22). The business had revenue of $76.32 million during the quarter, compared to the consensus estimate of $76.50 million. TriCo Bancshares had a return on equity of 7.86% and a net margin of 21.67%. On average, equities research analysts expect that TriCo Bancshares will post 2.09 earnings per share for the current fiscal year.

In other news, CEO Richard P. Smith sold 10,000 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $28.65, for a total transaction of $286,500.00. Following the completion of the transaction, the chief executive officer now directly owns 226,108 shares of the company’s stock, valued at $6,477,994.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.65% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of TCBK. BlackRock Inc. lifted its position in shares of TriCo Bancshares by 8.1% in the first quarter. BlackRock Inc. now owns 2,164,741 shares of the financial services provider’s stock worth $64,553,000 after purchasing an additional 161,894 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in TriCo Bancshares by 9.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,492,373 shares of the financial services provider’s stock valued at $45,442,000 after buying an additional 127,269 shares during the last quarter. Investment Counselors of Maryland LLC lifted its position in TriCo Bancshares by 0.3% during the 1st quarter. Investment Counselors of Maryland LLC now owns 521,681 shares of the financial services provider’s stock worth $15,557,000 after buying an additional 1,483 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of TriCo Bancshares by 8.7% during the 1st quarter. Geode Capital Management LLC now owns 410,856 shares of the financial services provider’s stock worth $12,251,000 after buying an additional 32,878 shares during the last quarter. Finally, RMB Capital Management LLC grew its holdings in shares of TriCo Bancshares by 15.4% in the 2nd quarter. RMB Capital Management LLC now owns 213,299 shares of the financial services provider’s stock valued at $6,495,000 after acquiring an additional 28,432 shares in the last quarter. Institutional investors own 64.97% of the company’s stock.

TriCo Bancshares Company Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. It accepts demand, savings, and money market accounts, as well as 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.

Further Reading: Outperform Rating

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