TriCo Bancshares (NASDAQ:TCBK) Announces Quarterly Earnings Results

TriCo Bancshares (NASDAQ:TCBK) posted its earnings results on Thursday. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.02, Zacks reports. TriCo Bancshares had a return on equity of 9.53% and a net margin of 22.56%.The company had revenue of $109.40 million for the quarter, compared to analyst estimates of $108.19 million.

TriCo Bancshares Stock Performance

NASDAQ:TCBK opened at $49.98 on Friday. The firm’s 50-day moving average is $48.38 and its 200-day moving average is $45.29. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 13.47 and a beta of 0.63. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. TriCo Bancshares has a 52-week low of $35.20 and a 52-week high of $52.05.

TriCo Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.36 per share. The ex-dividend date was Friday, December 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.9%. TriCo Bancshares’s payout ratio is presently 38.81%.

Institutional Trading of TriCo Bancshares

Institutional investors and hedge funds have recently modified their holdings of the company. Larson Financial Group LLC raised its stake in TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 459 shares in the last quarter. Federated Hermes Inc. increased its position in shares of TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 290 shares in the last quarter. Quadrant Capital Group LLC bought a new position in TriCo Bancshares during the 3rd quarter valued at about $184,000. Quantbot Technologies LP bought a new position in TriCo Bancshares during the 2nd quarter valued at about $232,000. Finally, BNP Paribas Financial Markets boosted its position in TriCo Bancshares by 100.5% in the third quarter. BNP Paribas Financial Markets now owns 6,052 shares of the financial services provider’s stock valued at $269,000 after buying an additional 3,033 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TCBK shares. Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a report on Monday, December 29th. DA Davidson increased their price target on TriCo Bancshares from $51.00 to $54.00 and gave the company a “neutral” rating in a report on Friday. Wall Street Zen raised shares of TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Keefe, Bruyette & Woods boosted their price objective on shares of TriCo Bancshares from $46.00 to $50.00 and gave the stock a “market perform” rating in a research note on Monday, October 27th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $46.00 target price (up from $45.00) on shares of TriCo Bancshares in a research note on Friday, October 24th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.40.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.