TriCo Bancshares (NASDAQ:TCBK) Trading Up 3.9% After Better-Than-Expected Earnings

TriCo Bancshares (NASDAQ:TCBK)’s share price shot up 3.9% on Thursday following a stronger than expected earnings report. The stock traded as high as $44.14 and last traded at $44.63. 9,848 shares traded hands during mid-day 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 (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.09. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%.

TriCo Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Friday, December 6th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 39.29%.

Wall Street Analyst Weigh In

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

Insider Activity at TriCo Bancshares

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total transaction of $252,297.00. Following the sale, the director now owns 6,128 shares of the company’s stock, valued at approximately $303,152.16. This trade represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.64% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TriCo Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of TCBK. Barclays PLC boosted its holdings in shares of TriCo Bancshares by 127.0% in the third quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock valued at $2,468,000 after acquiring an additional 32,379 shares in the last quarter. Geode Capital Management LLC boosted 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 valued at $33,344,000 after purchasing an additional 5,155 shares in the last quarter. JPMorgan Chase & Co. increased its position in TriCo Bancshares by 6.1% during 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 during the period. Stifel Financial Corp lifted its holdings in TriCo Bancshares by 2.2% in the third quarter. Stifel Financial Corp now owns 48,031 shares of the financial services provider’s stock valued at $2,049,000 after acquiring an additional 1,013 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in TriCo Bancshares by 23.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 160,987 shares of the financial services provider’s stock valued at $7,035,000 after purchasing an additional 30,227 shares in the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Stock Performance

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 13.35 and a beta of 0.58. The stock’s 50 day moving average is $45.61 and its 200 day moving average is $44.34.

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.