TriCo Bancshares (NASDAQ:TCBK) Shares Cross Above 50 Day Moving Average – Here’s Why

Shares of TriCo Bancshares (NASDAQ:TCBK) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $52.96 and traded as high as $53.20. TriCo Bancshares shares last traded at $53.02, with a volume of 1,351,772 shares changing hands.

Analyst Ratings Changes

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

TriCo Bancshares Stock Performance

The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 12.19 and a beta of 0.66. The company’s fifty day simple moving average is $52.85 and its 200 day simple moving average is $51.96. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.09. The company had revenue of $116.71 million for the quarter, compared to analyst estimates of $114.63 million. TriCo Bancshares had a net margin of 25.10% and a return on equity of 10.47%. On average, equities research analysts expect that TriCo Bancshares will post 4.39 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

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

Institutional Investors Weigh In On TriCo Bancshares

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in TriCo Bancshares during the second quarter worth about $137,197,000. Dimensional Fund Advisors LP raised its stake in TriCo Bancshares by 0.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,696,463 shares of the financial services provider’s stock worth $80,650,000 after purchasing an additional 11,298 shares in the last quarter. Davis Asset Management L.P. acquired a new stake in TriCo Bancshares in the 2nd quarter worth about $56,376,000. The Manufacturers Life Insurance Company bought a new stake in TriCo Bancshares in the 2nd quarter valued at about $22,526,000. Finally, Heartland Advisors Inc. bought a new stake in TriCo Bancshares in the 2nd quarter valued at about $13,462,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

TriCo Bancshares Company Profile

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.