TriCo Bancshares (NASDAQ:TCBK) Trading Up 3.9% on Better-Than-Expected Earnings

TriCo Bancshares (NASDAQ:TCBK)’s share price shot up 3.9% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $44.14 and last traded at $44.63. 9,848 shares were traded during mid-day 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 for the quarter, topping the consensus estimate of $0.79 by $0.09. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%.

TriCo Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Friday, December 6th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 39.29%.

Wall Street Analyst Weigh In

TCBK has been the subject of several research reports. Stephens dropped their price objective on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their price target for the company from $50.00 to $53.00 in a research note on Tuesday, November 12th. Finally, Piper Sandler reduced their price objective on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $48.20.

Insider Activity

In other TriCo Bancshares news, Director Cory W. Giese sold 5,100 shares of the company’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 sale, the director now owns 6,128 shares in the company, valued at approximately $303,152.16. The trade was a 45.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On TriCo Bancshares

A number of hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its position in TriCo Bancshares by 127.0% during the 3rd quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock valued at $2,468,000 after purchasing an additional 32,379 shares during the period. Geode Capital Management LLC increased its position in shares of TriCo Bancshares by 0.7% during the third quarter. Geode Capital Management LLC now owns 781,650 shares of the financial services provider’s stock worth $33,344,000 after buying an additional 5,155 shares during the period. JPMorgan Chase & Co. raised its stake in TriCo Bancshares by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock worth $19,041,000 after buying an additional 25,817 shares during the last quarter. Stifel Financial Corp lifted its holdings in TriCo Bancshares by 2.2% in the third quarter. Stifel Financial Corp now owns 48,031 shares of the financial services provider’s stock valued at $2,049,000 after buying an additional 1,013 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position 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 valued at $7,035,000 after acquiring an additional 30,227 shares during the last quarter. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares Stock Performance

The stock has a fifty day simple moving average of $45.46 and a two-hundred day simple moving average of $44.37. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 13.00 and a beta of 0.58.

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.