TriCo Bancshares (NASDAQ:TCBK) Sets New 12-Month High – Here’s Why

TriCo Bancshares (NASDAQ:TCBK) hit a new 52-week high during trading on Wednesday . The stock traded as high as $50.30 and last traded at $49.80, with a volume of 225597 shares. The stock had previously closed at $48.16.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TCBK. Raymond James Financial reissued an “outperform” rating and set a $46.00 target price (up from $45.00) on shares of TriCo Bancshares in a report on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TriCo Bancshares in a report on Monday. Keefe, Bruyette & Woods upped their price objective on shares of TriCo Bancshares from $46.00 to $50.00 and gave the company a “market perform” rating in a report on Monday, October 27th. Zacks Research raised shares of TriCo Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Finally, Wall Street Zen upgraded shares of TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, TriCo Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $48.60.

TriCo Bancshares Stock Up 3.4%

The stock has a fifty day moving average price of $45.00 and a two-hundred day moving average price of $43.39. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 13.99 and a beta of 0.64. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $1.04 EPS for the quarter, beating the consensus estimate of $0.92 by $0.12. TriCo Bancshares had a net margin of 21.87% and a return on equity of 9.27%. The business had revenue of $107.56 million for the quarter, compared to the consensus estimate of $107.08 million. As a group, sell-side analysts expect that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.9%. TriCo Bancshares’s dividend payout ratio (DPR) is currently 40.45%.

Institutional Investors Weigh In On TriCo Bancshares

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in TriCo Bancshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider’s stock worth $73,532,000 after acquiring an additional 27,348 shares during the period. Franklin Resources Inc. grew its holdings in shares of TriCo Bancshares by 7.9% during the 2nd quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock worth $69,880,000 after purchasing an additional 126,571 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of TriCo Bancshares by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 1,683,048 shares of the financial services provider’s stock worth $74,744,000 after purchasing an additional 14,748 shares during the period. Davis Asset Management L.P. increased its position in shares of TriCo Bancshares by 2.6% in the second quarter. Davis Asset Management L.P. now owns 1,046,900 shares of the financial services provider’s stock worth $42,389,000 after purchasing an additional 26,100 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in TriCo Bancshares by 4.4% in the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider’s stock valued at $25,727,000 after purchasing an additional 27,193 shares in the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

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.