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Stephens initiates TriCo Bancshares coverage at 'overweight'

Initiation

Tyler Stafford of Stephens Inc. is now covering Chico, Calif.-based TriCo Bancshares. He gave it an "overweight" rating and set the price target at $43.

The analyst wrote that TriCo Bancshares' acquisition of South San Francisco, Calif.-based FNB Bancorp will provide the former entry into the San Francisco market, resulting in acceleration of recent growth trends.

In addition, TriCo Bancshares, as a result of the deal, is expected to build a "strong core deposit franchise providing excess liquidity to fuel future loan growth," according to Stafford. He also expects the deal will likely help the company with further M&A in the future.