Investment Counselors of Maryland LLC grew its stake in TriCo Bancshares (NASDAQ:TCBK) by 1.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 512,488 shares of the financial services provider’s stock after acquiring an additional 5,641 shares during the quarter. Investment Counselors of Maryland LLC owned 1.68% of TriCo Bancshares worth $19,372,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in shares of TriCo Bancshares by 9.9% in the 1st quarter. FMR LLC now owns 2,461,686 shares of the financial services provider’s stock valued at $96,720,000 after acquiring an additional 221,356 shares during the last quarter. Kennedy Capital Management Inc. increased its stake in TriCo Bancshares by 1.2% during the 1st quarter. Kennedy Capital Management Inc. now owns 218,015 shares of the financial services provider’s stock worth $8,566,000 after purchasing an additional 2,684 shares in the last quarter. Martingale Asset Management L P increased its stake in TriCo Bancshares by 57.8% during the 1st quarter. Martingale Asset Management L P now owns 113,809 shares of the financial services provider’s stock worth $4,473,000 after purchasing an additional 41,700 shares in the last quarter. Crawford Investment Counsel Inc. increased its stake in TriCo Bancshares by 0.9% during the 1st quarter. Crawford Investment Counsel Inc. now owns 110,972 shares of the financial services provider’s stock worth $4,360,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in TriCo Bancshares by 2.3% during the 2nd quarter. Bessemer Group Inc. now owns 67,900 shares of the financial services provider’s stock worth $2,567,000 after purchasing an additional 1,500 shares in the last quarter. 59.35% of the stock is owned by institutional investors.
A number of analysts recently issued reports on TCBK shares. Stephens reissued a “neutral” rating on shares of TriCo Bancshares in a research note on Monday, July 29th. ValuEngine cut TriCo Bancshares from a “hold” rating to a “sell” rating in a research note on Monday, July 22nd. Zacks Investment Research raised TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, July 12th. Piper Jaffray Companies started coverage on TriCo Bancshares in a research note on Friday, July 12th. They set a “neutral” rating and a $41.00 target price for the company. Finally, BidaskClub raised TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $41.67.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.02. The company had revenue of $77.89 million during the quarter, compared to analysts’ expectations of $77.76 million. TriCo Bancshares had a net margin of 26.74% and a return on equity of 10.14%. On average, analysts anticipate that TriCo Bancshares will post 2.96 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. This is a boost from TriCo Bancshares’s previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, September 12th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 28.25%.
In other news, EVP Craig B. Carney sold 5,166 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $37.02, for a total value of $191,245.32. Following the completion of the sale, the executive vice president now owns 26,018 shares of the company’s stock, valued at approximately $963,186.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael W. Koehnen acquired 15,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $35.83 per share, with a total value of $537,450.00. Following the acquisition, the director now owns 95,732 shares in the company, valued at approximately $3,430,077.56. The disclosure for this purchase can be found here. 10.30% of the stock is owned by company insiders.
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.
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