The Manufacturers Life Insurance Company Lowers Stake in TriCo Bancshares (NASDAQ:TCBK)

The Manufacturers Life Insurance Company lessened its holdings in TriCo Bancshares (NASDAQ:TCBK) by 2.5% during the third quarter, Holdings Channel.com reports. The firm owned 466,416 shares of the financial services provider’s stock after selling 11,885 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in TriCo Bancshares were worth $19,893,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Assenagon Asset Management S.A. lifted its holdings in shares of TriCo Bancshares by 839.2% during 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 purchasing an additional 116,838 shares during the last quarter. American Century Companies Inc. boosted its holdings in TriCo Bancshares by 27.3% in the second quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock worth $15,975,000 after acquiring an additional 86,689 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of TriCo Bancshares by 3.5% in 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 acquiring an additional 50,358 shares during the last quarter. Hantz Financial Services Inc. bought a new position in shares of TriCo Bancshares during the second quarter valued at $1,002,000. Finally, Renaissance Technologies LLC increased its stake in TriCo Bancshares by 8.9% during the 2nd quarter. Renaissance Technologies LLC now owns 235,867 shares of the financial services provider’s stock valued at $9,333,000 after purchasing an additional 19,224 shares in the last quarter. Institutional investors own 59.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TCBK shares. Stephens lowered their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. DA Davidson downgraded TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $50.00 to $53.00 in a report on Tuesday, November 12th. Finally, Piper Sandler lowered their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $48.20.

TriCo Bancshares Stock Down 1.1 %

Shares of TCBK opened at $48.34 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.30. TriCo Bancshares has a 52-week low of $31.73 and a 52-week high of $51.06. The company has a market cap of $1.60 billion, a PE ratio of 14.39 and a beta of 0.54. The business has a fifty day moving average of $44.78 and a 200 day moving average of $42.38.

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

TriCo Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, December 6th. TriCo Bancshares’s dividend payout ratio is currently 39.29%.

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.