TriCo Bancshares (NASDAQ:TCBK) Announces Earnings Results

TriCo Bancshares (NASDAQ:TCBK) issued its earnings results on Thursday. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 net margin of 24.67% and a return on equity of 10.27%.

TriCo Bancshares Stock Performance

NASDAQ:TCBK opened at $58.12 on Friday. The firm has a 50-day moving average of $53.44 and a two-hundred day moving average of $50.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market cap of $1.85 billion, a P/E ratio of 13.94 and a beta of 0.60. TriCo Bancshares has a 1-year low of $39.84 and a 1-year high of $61.71.

TriCo Bancshares Dividend Announcement

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

Institutional Investors Weigh In On TriCo Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC increased its position in shares of TriCo Bancshares by 337.5% in the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 459 shares during the last quarter. Federated Hermes Inc. lifted its holdings 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 buying an additional 290 shares during the last quarter. State of Tennessee Department of Treasury acquired a new position in shares of TriCo Bancshares in the 4th quarter worth approximately $164,000. Quadrant Capital Group LLC acquired a new position in shares of TriCo Bancshares in the 3rd quarter worth approximately $184,000. Finally, Quantbot Technologies LP acquired a new position in TriCo Bancshares in the second quarter worth $232,000. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TCBK shares. Stephens cut TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 price objective for the company. in a report on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Piper Sandler lowered TriCo Bancshares from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $61.00 in a research report on Tuesday, July 14th. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Finally, Raymond James Financial lowered TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, TriCo Bancshares currently has a consensus rating of “Hold” and a consensus 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.