TriCo Bancshares (NASDAQ:TCBK) Reaches New 1-Year High – Here’s Why

TriCo Bancshares (NASDAQ:TCBK)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $53.29 and last traded at $53.08, with a volume of 37893 shares traded. The stock had previously closed at $52.67.

Wall Street Analyst Weigh In

TCBK has been the topic of several research reports. Weiss Ratings upgraded TriCo Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 25th. Piper Sandler lifted their price objective on TriCo Bancshares from $59.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Zacks Research cut TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, TriCo Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $54.60.

TriCo Bancshares Price Performance

The firm has a market cap of $1.70 billion, a P/E ratio of 13.50 and a beta of 0.60. The business’s fifty day simple moving average is $50.56 and its 200-day simple moving average is $49.47. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings results on Monday, March 2nd. The financial services provider reported $1.03 EPS for the quarter. The firm had revenue of $111.21 million during the quarter. TriCo Bancshares had a return on equity of 9.87% and a net margin of 23.71%. As a group, analysts forecast that TriCo Bancshares will post 4.22 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.7%. TriCo Bancshares’s dividend payout ratio is 36.46%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TCBK. North Reef Capital Management LP bought a new stake in shares of TriCo Bancshares during the fourth quarter valued at about $22,994,000. Mercer Global Advisors Inc. ADV bought a new position in shares of TriCo Bancshares in the third quarter valued at approximately $6,972,000. Millennium Management LLC grew its stake in TriCo Bancshares by 292.7% during the third quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider’s stock valued at $6,009,000 after acquiring an additional 100,858 shares in the last quarter. Rice Hall James & Associates LLC purchased a new position in TriCo Bancshares during the first quarter valued at approximately $4,527,000. Finally, FJ Capital Management LLC bought a new stake in TriCo Bancshares during the 4th quarter worth approximately $4,381,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

About TriCo Bancshares

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.