TriCo Bancshares (NASDAQ:TCBK) Sees Unusually-High Trading Volume – Should You Buy?

Shares of TriCo Bancshares (NASDAQ:TCBK) saw unusually-high trading volume on Wednesday. Approximately 765,372 shares traded hands during mid-day trading, an increase of 241% from the average daily volume of 224,254 shares. The stock last traded at $52.80 and had previously closed at $52.69.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler lowered TriCo Bancshares from a “neutral” rating to a “hold” rating in a research report on Monday. Stephens upgraded shares of TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings reissued a “buy (b)” rating on shares of TriCo Bancshares in a research note on Friday, October 2nd. DA Davidson restated a “neutral” rating and set a $55.00 price objective on shares of TriCo Bancshares in a report on Tuesday. Finally, Raymond James Financial cut shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, TriCo Bancshares presently has an average rating of “Hold” and a consensus price target of $55.62.

TriCo Bancshares Stock Performance

The stock has a market cap of $1.68 billion, a P/E ratio of 12.19 and a beta of 0.66. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s 50 day simple moving average is $52.91 and its two-hundred day simple moving average is $51.93.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.09. The company had revenue of $116.71 million during the quarter, compared to analysts’ expectations of $114.63 million. TriCo Bancshares had a return on equity of 10.47% and a net margin of 25.10%. As a group, research analysts forecast that TriCo Bancshares will post 4.39 EPS for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Monday, November 16th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, November 16th. TriCo Bancshares’s payout ratio is currently 33.41%.

Hedge Funds Weigh In On TriCo Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE bought a new stake in shares of TriCo Bancshares during the second quarter worth about $4,456,000. Hsbc Holdings PLC bought a new position in TriCo Bancshares in the 4th quarter valued at $815,000. Basswood Capital Management L.L.C. purchased a new stake in shares of TriCo Bancshares during the 2nd quarter valued at $7,430,000. Legal & General Group Plc purchased a new position in shares of TriCo Bancshares in the 2nd quarter worth about $1,338,000. Finally, Heartland Advisors Inc. bought a new stake in TriCo Bancshares in the second quarter worth about $13,462,000. Institutional investors own 59.11% of the company’s stock.

About TriCo Bancshares

TriCo Bancshares (NASDAQ: TCBK) is a bank holding company headquartered in Chico, California. Through its principal subsidiary, Tri Counties Bank, the company provides community banking services to individuals, businesses, nonprofit organizations and public entities.

Tri Counties Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury and cash-management services, online and mobile banking, and other financial services.