TriCo Bancshares (NASDAQ:TCBK) Announces $0.33 Quarterly Dividend

TriCo Bancshares (NASDAQ:TCBK) declared a quarterly dividend on Tuesday, November 26th,Wall Street Journal reports. Shareholders of record on Friday, December 6th will be given a dividend of 0.33 per share by the financial services provider on Friday, December 20th. This represents a $1.32 annualized dividend and a yield of 2.72%. The ex-dividend date is Friday, December 6th.

TriCo Bancshares has increased its dividend payment by an average of 10.9% per year over the last three years and has increased its dividend annually for the last 12 consecutive years. TriCo Bancshares has a dividend payout ratio of 39.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect TriCo Bancshares to earn $3.32 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 39.8%.

TriCo Bancshares Trading Down 2.1 %

Shares of TCBK stock traded down $1.06 during trading hours on Tuesday, reaching $48.56. 98,110 shares of the stock were exchanged, compared to its average volume of 116,672. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 14.50 and a beta of 0.54. TriCo Bancshares has a 12-month low of $31.73 and a 12-month high of $51.06. The company’s 50-day moving average price is $44.40 and its 200-day moving average price is $42.14. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The firm had revenue of $133.84 million during the quarter, compared to analyst estimates of $98.65 million. As a group, equities analysts anticipate that TriCo Bancshares will post 3.38 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on TCBK. Stephens lowered their price objective 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. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a research note on Monday, July 29th. DA Davidson lowered TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their target price for the company from $50.00 to $53.00 in a research report on Tuesday, November 12th. Finally, Piper Sandler lowered their target price on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.20.

Insider Buying and Selling

In other TriCo Bancshares news, Director Michael W. Koehnen sold 1,400 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total value of $63,280.00. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $135,600. This trade represents a 31.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.64% of the stock is owned by company insiders.

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.