TriCo Bancshares (NASDAQ:TCBK) Stock Price Up 3.9% Following Earnings Beat

TriCo Bancshares (NASDAQ:TCBK) shares shot up 3.9% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $44.14 and last traded at $44.63. 9,848 shares changed hands during trading, a decline of 89% from the average session volume of 91,904 shares. The stock had previously closed at $42.96.

The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.09. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%.

TriCo Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.32 annualized dividend and a dividend yield of 3.02%. TriCo Bancshares’s dividend payout ratio is presently 39.29%.

Analyst Ratings Changes

A number of equities analysts have weighed in on TCBK shares. Stephens lowered their price target on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler reduced their target price on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their price target for the company from $50.00 to $53.00 in a research note on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $48.20.

Insider Transactions at TriCo Bancshares

In related news, Director Cory W. Giese sold 5,100 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total value of $252,297.00. Following the transaction, the director now directly owns 6,128 shares in the company, valued at approximately $303,152.16. This represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.64% of the stock is owned by corporate insiders.

Institutional Trading of TriCo Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of TriCo Bancshares during the third quarter worth approximately $28,000. Point72 DIFC Ltd bought a new position in TriCo Bancshares during the 3rd quarter worth $114,000. Quantbot Technologies LP acquired a new position in TriCo Bancshares in the 3rd quarter valued at $129,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of TriCo Bancshares during the 3rd quarter valued at $210,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of TriCo Bancshares during the 3rd quarter worth $259,000. Institutional investors and hedge funds own 59.11% of the company’s stock.

TriCo Bancshares Trading Down 0.8 %

The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 13.00 and a beta of 0.58. The firm has a fifty day moving average price of $45.46 and a 200-day moving average price of $44.37. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86.

About TriCo Bancshares

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.