TriCo Bancshares (NASDAQ:TCBK) Announces Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• TriCo Bancshares beat quarterly earnings expectations: The company reported $1.19 in EPS versus the $1.09 consensus estimate, while revenue of $116.71 million also exceeded expectations of $114.63 million.
• The company maintained its dividend: TriCo paid a quarterly dividend of $0.36 per share, equivalent to $1.44 annually and a 2.7% yield, with a 34.53% payout ratio.
• Analyst sentiment remains cautious: The stock carries a consensus “Hold” rating from MarketBeat, with an average price target of $55.30, modestly above its reported trading price of $53.69.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) issued its quarterly earnings data on Wednesday. The financial services provider reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.10, FiscalAI reports. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%. The firm had revenue of $116.71 million during the quarter, compared to analyst estimates of $114.63 million.

TriCo Bancshares Price Performance

NASDAQ:TCBK traded up $0.90 during trading hours on Thursday, reaching $53.69. 29,913 shares of the company's stock were exchanged, compared to its average volume of 219,265. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $1.72 billion, a P/E ratio of 12.88 and a beta of 0.66. TriCo Bancshares has a 12 month low of $41.98 and a 12 month high of $61.71. The business's 50-day simple moving average is $53.33 and its two-hundred day simple moving average is $53.08.

TriCo Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a dividend of $0.36 per share. The ex-dividend date was Friday, September 11th. This represents a $1.44 annualized dividend and a dividend yield of 2.7%. TriCo Bancshares's dividend payout ratio (DPR) is 34.53%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TCBK shares. Piper Sandler reduced their price target on shares of TriCo Bancshares from $63.00 to $56.50 and set a "neutral" rating on the stock in a research report on Thursday, October 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research report on Friday, October 2nd. Raymond James Financial lowered shares of TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 14th. Stephens raised shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a report on Thursday, August 6th. Finally, DA Davidson cut their target price on shares of TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, TriCo Bancshares currently has an average rating of "Hold" and a consensus price target of $55.30.

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.

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