TriCo Bancshares (NASDAQ:TCBK) Sees Strong Trading Volume - Still a Buy?

Key Points

• Trading volume surged 241% to approximately 765,372 shares, while TriCo Bancshares shares edged up 0.2% to $52.80. Analyst sentiment is mixed, with an average rating of “Hold” and a consensus price target of $55.62.
• TriCo Bancshares exceeded quarterly expectations, reporting earnings of $1.18 per share versus the $1.09 consensus and revenue of $116.71 million versus $114.63 million expected.
• The company declared a quarterly dividend of $0.36 per share, representing a 2.7% yield and a $1.44 annualized payout; institutional investors own 59.11% of the stock.

Shares of TriCo Bancshares (NASDAQ:TCBK - Get Free Report) saw strong trading volume on Wednesday. Approximately 765,372 shares changed hands during mid-day trading, an increase of 241% from the average daily volume of 224,254 shares. The stock last traded at $52.80 and had previously closed at $52.69.

Analyst Ratings Changes

A number of research firms have weighed in on TCBK. DA Davidson reiterated a "neutral" rating and issued a $55.00 target price on shares of TriCo Bancshares in a research note on Tuesday. 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. Piper Sandler downgraded shares of TriCo Bancshares from a "neutral" rating to a "hold" rating in a research note on Monday. Stephens upgraded shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TriCo Bancshares in a research report on Friday, October 2nd. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $55.62.

TriCo Bancshares Trading Up 0.2%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $1.69 billion, a P/E ratio of 12.26 and a beta of 0.66. The company's fifty day simple moving average is $53.03 and its 200-day simple moving average is $51.89.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.09. The firm had revenue of $116.71 million during the quarter, compared to analysts' expectations of $114.63 million. TriCo Bancshares had a net margin of 25.10% and a return on equity of 10.47%. Research analysts predict that TriCo Bancshares will post 4.34 earnings per share for the current year.

TriCo Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Monday, November 16th will be given a dividend of $0.36 per share. 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 (DPR) is 33.41%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its position in TriCo Bancshares by 69.0% during the third quarter. Nisa Investment Advisors LLC now owns 1,964 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 802 shares in the last quarter. Squarepoint Ops LLC raised its holdings in TriCo Bancshares by 85.3% in the second quarter. Squarepoint Ops LLC now owns 20,777 shares of the financial services provider's stock worth $1,119,000 after purchasing an additional 9,562 shares in the last quarter. Allworth Financial LP lifted its position in shares of TriCo Bancshares by 1.7% during the second quarter. Allworth Financial LP now owns 129,979 shares of the financial services provider's stock valued at $6,999,000 after buying an additional 2,134 shares during the last quarter. Round Rock Advisors LLC purchased a new stake in shares of TriCo Bancshares during the second quarter valued at about $360,000. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of TriCo Bancshares during the second quarter valued at about $260,000. 59.11% of the stock is owned by institutional investors.

About TriCo Bancshares

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.