TriCo Bancshares to Post FY2024 Earnings of $3.25 Per Share, DA Davidson Forecasts (NASDAQ:TCBK)

TriCo Bancshares (NASDAQ:TCBK - Free Report) - Equities researchers at DA Davidson dropped their FY2024 earnings estimates for TriCo Bancshares in a research report issued to clients and investors on Monday, April 29th. DA Davidson analyst J. Rulis now forecasts that the financial services provider will post earnings of $3.25 per share for the year, down from their previous estimate of $3.55. DA Davidson has a "Buy" rating and a $45.00 price objective on the stock. The consensus estimate for TriCo Bancshares' current full-year earnings is $3.26 per share.

A number of other equities analysts also recently weighed in on TCBK. Raymond James upped their target price on TriCo Bancshares from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, January 26th. Keefe, Bruyette & Woods dropped their target price on TriCo Bancshares from $44.00 to $42.00 and set a "market perform" rating on the stock in a report on Friday, January 26th. Finally, StockNews.com upgraded TriCo Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, TriCo Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $42.00.

TriCo Bancshares Trading Up 2.6 %

NASDAQ TCBK traded up $0.92 on Wednesday, hitting $35.69. 137,640 shares of the company were exchanged, compared to its average volume of 116,670. The company's 50 day moving average price is $34.30 and its 200-day moving average price is $36.21. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $1.18 billion, a P/E ratio of 10.88 and a beta of 0.53. TriCo Bancshares has a twelve month low of $28.66 and a twelve month high of $45.84.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.02. The firm had revenue of $131.19 million for the quarter, compared to the consensus estimate of $99.50 million. TriCo Bancshares had a return on equity of 9.87% and a net margin of 21.25%.

TriCo Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $0.33 dividend. This is a boost from TriCo Bancshares's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.32 annualized dividend and a dividend yield of 3.70%. TriCo Bancshares's payout ratio is presently 40.24%.

Institutional Investors Weigh In On TriCo Bancshares

Several large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its stake in shares of TriCo Bancshares by 200.3% in the 1st quarter. BNP Paribas Financial Markets now owns 24,384 shares of the financial services provider's stock valued at $897,000 after buying an additional 16,263 shares in the last quarter. Principal Financial Group Inc. boosted its position in TriCo Bancshares by 36.2% during the first quarter. Principal Financial Group Inc. now owns 13,005 shares of the financial services provider's stock worth $478,000 after purchasing an additional 3,460 shares during the period. Assenagon Asset Management S.A. bought a new stake in TriCo Bancshares during the first quarter worth approximately $2,141,000. RMB Capital Management LLC boosted its position in TriCo Bancshares by 0.3% during the fourth quarter. RMB Capital Management LLC now owns 317,496 shares of the financial services provider's stock worth $13,643,000 after purchasing an additional 840 shares during the period. Finally, Eagle Asset Management Inc. bought a new stake in TriCo Bancshares during the fourth quarter worth approximately $8,000,000. Institutional investors own 59.11% of the company's stock.

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.