TriCo Bancshares (NASDAQ:TCBK) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

TriCo Bancshares (NASDAQ:TCBK) posted its quarterly earnings results on Wednesday. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03, FiscalAI reports. The firm had revenue of $111.88 million for the quarter, compared to analysts’ expectations of $110.99 million. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%.

TriCo Bancshares Price Performance

Shares of NASDAQ:TCBK traded down $0.82 during trading on Thursday, hitting $58.67. 99,792 shares of the company’s stock were exchanged, compared to its average volume of 200,352. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. TriCo Bancshares has a 52-week low of $39.84 and a 52-week high of $61.71. The business’s 50-day simple moving average is $53.06 and its 200 day simple moving average is $50.57. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 14.85 and a beta of 0.60.

TriCo Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.5%. TriCo Bancshares’s dividend payout ratio is 36.46%.

Wall Street Analyst Weigh In

TCBK has been the subject of a number of research analyst reports. Piper Sandler lowered TriCo Bancshares from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $63.00 to $61.00 in a report on Tuesday, July 14th. DA Davidson upped their price target on TriCo Bancshares from $55.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Stephens cut TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective on the stock. in a research report on Wednesday, July 15th. Raymond James Financial lowered TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. Finally, Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $56.40.

Hedge Funds Weigh In On TriCo Bancshares

Several institutional investors have recently bought and sold shares of TCBK. Dimensional Fund Advisors LP raised its position in shares of TriCo Bancshares by 0.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,683,048 shares of the financial services provider’s stock valued at $74,744,000 after buying an additional 14,748 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of TriCo Bancshares by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 777,826 shares of the financial services provider’s stock valued at $36,851,000 after purchasing an additional 6,793 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of TriCo Bancshares by 6.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 672,905 shares of the financial services provider’s stock valued at $31,876,000 after purchasing an additional 43,417 shares during the last quarter. North Reef Capital Management LP purchased a new position in shares of TriCo Bancshares in the 4th quarter worth approximately $22,994,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of TriCo Bancshares by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 361,865 shares of the financial services provider’s stock valued at $17,142,000 after purchasing an additional 21,592 shares during the last quarter. Institutional investors own 59.11% of the company’s stock.

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.