TriCo Bancshares (NASDAQ:TCBK) Trading 3.9% Higher After Strong Earnings

TriCo Bancshares (NASDAQ:TCBK)’s share price rose 3.9% on Thursday following a better than expected earnings announcement. The stock traded as high as $44.14 and last traded at $44.63. Approximately 9,848 shares changed hands during trading, a decline of 89% from the average daily volume of 91,904 shares. The stock had previously closed at $42.96.

The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates 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 business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a dividend of $0.33 per share. The ex-dividend date was Friday, December 6th. This represents a $1.32 annualized dividend and a yield of 3.00%. TriCo Bancshares’s payout ratio is currently 39.29%.

Wall Street Analyst Weigh In

TCBK has been the subject of several research reports. Stephens reduced their price target on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. DA Davidson downgraded shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their price target for the stock from $50.00 to $53.00 in a report on Tuesday, November 12th. Finally, Piper Sandler lowered their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.20.

Insider Transactions at TriCo Bancshares

In related news, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total value of $252,297.00. Following the completion of the sale, the director now directly owns 6,128 shares in the company, valued at approximately $303,152.16. This trade represents a 45.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.64% of the stock is owned by insiders.

Institutional Investors Weigh In On TriCo Bancshares

A number of large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in shares of TriCo Bancshares by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock valued at $59,471,000 after purchasing an additional 50,358 shares during the period. Geode Capital Management LLC lifted its holdings in TriCo Bancshares by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 781,650 shares of the financial services provider’s stock worth $33,344,000 after purchasing an additional 5,155 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in TriCo Bancshares by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock worth $19,041,000 after purchasing an additional 25,817 shares in the last quarter. Curi RMB Capital LLC raised its holdings in shares of TriCo Bancshares by 1.6% during the 3rd quarter. Curi RMB Capital LLC now owns 346,833 shares of the financial services provider’s stock worth $14,792,000 after acquiring an additional 5,314 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of TriCo Bancshares by 23.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 160,987 shares of the financial services provider’s stock worth $7,035,000 after acquiring an additional 30,227 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares Stock Up 2.5 %

The firm has a market capitalization of $1.45 billion, a PE ratio of 13.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86. The company has a fifty day moving average price of $45.54 and a 200-day moving average price of $44.33.

TriCo Bancshares Company Profile

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.