TriCo Bancshares (NASDAQ:TCBK) Announces Earnings Results

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

TriCo Bancshares Stock Performance

TriCo Bancshares stock traded down $0.99 during mid-day trading on Thursday, hitting $58.50. The company had a trading volume of 87,779 shares, compared to its average volume of 200,220. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 14.81 and a beta of 0.60. TriCo Bancshares has a 12-month low of $39.84 and a 12-month high of $61.71. The company’s fifty day moving average is $53.06 and its 200-day moving average is $50.57. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04.

TriCo Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, June 5th. TriCo Bancshares’s dividend payout ratio (DPR) is 36.46%.

Institutional Investors Weigh In On TriCo Bancshares

Several hedge funds have recently modified their holdings of TCBK. Federated Hermes Inc. grew its stake in TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 290 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of TriCo Bancshares by 1.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider’s stock worth $1,433,000 after buying an additional 329 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after buying an additional 459 shares during the period. Swiss National Bank increased its stake in shares of TriCo Bancshares by 1.2% during the third quarter. Swiss National Bank now owns 60,500 shares of the financial services provider’s stock worth $2,687,000 after buying an additional 700 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in TriCo Bancshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider’s stock valued at $760,000 after acquiring an additional 820 shares in the last quarter. 59.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TCBK. Piper Sandler downgraded shares of 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. Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Stephens lowered shares of TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 price target on the stock. in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Finally, Raymond James Financial downgraded shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, TriCo Bancshares currently has an average rating of “Hold” and an average target price of $56.40.

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.