Charles Schwab Investment Management Cuts Stake in TriCo Bancshares

Charles Schwab Investment Management Inc. has reduced its holdings in TriCo Bancshares (NASDAQ:TCBK) by 6.6% during the third quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. After selling 22,613 shares during this period, the firm holds a total of 321,158 shares in the financial services provider. By the end of this reporting period, Charles Schwab Investment Management Inc. owned roughly 0.97% of TriCo Bancshares, valued at approximately $13.70 million.

Several other institutional investors have also adjusted their positions in TriCo Bancshares. For instance, Connor Clark & Lunn Investment Management Ltd. established a new stake in the third quarter, worth around $210,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in the second quarter by 10.5%, owning 7,973 shares valued at $315,000 after adding 758 shares in the last quarter. Additionally, SG Americas Securities LLC acquired a new stake valued at $395,000 during the third quarter. Principal Financial Group Inc. expanded its investment by 7.5% in the second quarter, now holding 13,978 shares worth about $553,000 after acquiring another 973 shares. Lastly, Quest Partners LLC purchased a new stake valued at approximately $588,000. Collectively, institutional investors and hedge funds own 59.11% of TriCo Bancshares stock.

Recent Analyst Opinions

A number of analysts have commented on TriCo Bancshares recently. Stephens lowered its price objective from $52.00 to $50.00 while maintaining an "overweight" rating. DA Davidson changed its rating from "buy" to "neutral" and raised its price target from $50.00 to $53.00. Piper Sandler also adjusted its price objective, reducing it from $53.00 to $50.00 and setting an "overweight" rating. Currently, four analysts have rated the stock as a hold while three have given it a buy rating. According to MarketBeat.com, TriCo Bancshares has an average rating of "Hold" with a target price set at $48.20.

Performance Overview of TriCo Bancshares

On the stock market, TriCo Bancshares opened at $48.39. The company has a market capitalization of $1.60 billion, with a price-to-earnings ratio of 14.40 and a beta of 0.56. Its 50-day moving average is $45.40, while the 200-day moving average stands at $42.79. The firm maintains a debt-to-equity ratio of 0.30, with both current and quick ratios at 0.86. TriCo Bancshares has seen a low of $31.73 and a high of $51.06 within the past year.

TriCo Bancshares (NASDAQ:TCBK) reported its quarterly earnings on October 24th, returning an earnings per share (EPS) of $0.88, surpassing analyst expectations of $0.82 by $0.06. The company generated revenue of $133.84 million for the quarter against a consensus estimate of $98.65 million. It reported a net margin of 21.12% and a return on equity of 9.45%. Analysts project that TriCo Bancshares will achieve an EPS of 3.38 for the current fiscal year.

Dividend Announcement from TriCo Bancshares

The company has also recently announced a dividend, which is set to be paid on December 20th. Shareholders who are on record by December 6th will receive a dividend payment of $0.33 per share. This translates to an annualized dividend of $1.32, offering a dividend yield of 2.73%. The ex-dividend date for this payment is December 6th, and the current dividend payout ratio stands at 39.29%.

About TriCo Bancshares

TriCo Bancshares operates as a bank holding company for Tri Counties Bank, providing comprehensive commercial banking services to both individual and corporate customers. The company offers various banking products including demand, savings, and time deposits, as well as a range of loan products such as small business loans, residential and commercial real estate mortgages, consumer loans, and commercial loans, including agricultural and construction loans.

investment, finance, stocks