TriCo Bancshares (NASDAQ:TCBK) Shares Up 3.9% Following Better-Than-Expected Earnings

TriCo Bancshares (NASDAQ:TCBK)’s stock price shot up 3.9% on Thursday following a better than expected earnings announcement. The stock traded as high as $44.14 and last traded at $44.63. Approximately 9,848 shares changed hands during trading, a decline of 89% from the average session volume of 91,904 shares. The stock had previously closed at $42.96.

The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.09. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a $0.33 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.32 annualized dividend and a yield of 2.97%. TriCo Bancshares’s payout ratio is currently 39.29%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their price target for the company from $50.00 to $53.00 in a report on Tuesday, November 12th. Piper Sandler lowered their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, Stephens cut their price target on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $48.20.

Insider Transactions at TriCo Bancshares

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total value of $252,297.00. Following the transaction, the director now directly owns 6,128 shares of the company’s stock, valued at $303,152.16. This trade represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On TriCo Bancshares

A number of large investors have recently modified their holdings of TCBK. SG Americas Securities LLC increased its stake in TriCo Bancshares by 27.1% during the 4th quarter. SG Americas Securities LLC now owns 11,783 shares of the financial services provider’s stock valued at $515,000 after buying an additional 2,512 shares during the period. Assenagon Asset Management S.A. raised its holdings in TriCo Bancshares by 23.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 160,987 shares of the financial services provider’s stock worth $7,035,000 after purchasing an additional 30,227 shares in the last quarter. JPMorgan Chase & Co. lifted its position in TriCo Bancshares by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock worth $19,041,000 after purchasing an additional 25,817 shares during the period. Geode Capital Management LLC boosted its stake in TriCo Bancshares by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 781,650 shares of the financial services provider’s stock valued at $33,344,000 after purchasing an additional 5,155 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of TriCo Bancshares by 127.0% in the 3rd quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock worth $2,468,000 after buying an additional 32,379 shares in the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

TriCo Bancshares Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 13.35 and a beta of 0.58. The company has a fifty day moving average price of $45.61 and a two-hundred day moving average price of $44.34.

About TriCo Bancshares

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.