TriCo Bancshares (NASDAQ:TCBK) Releases Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Q1 EPS beat: TriCo Bancshares reported EPS of $1.04, beating consensus by $0.07, while revenue missed slightly at $108.26 million versus $110.57 million; the quarter delivered a net margin of 22.56% and ROE of 9.43%.
• Dividend paid: The company paid a quarterly dividend of $0.36 (annualized $1.44), implying a 2.8% yield and a dividend payout ratio of 38.81%.
• Analyst outlook and stock metrics: Brokers have raised price targets and the consensus rating is a "Moderate Buy" with a $53.80 target; the stock trades around $50.68, has a 52-week range of $36.32–$53.18, and a P/E of 13.66.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) announced its quarterly earnings data on Thursday. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.07, FiscalAI reports. TriCo Bancshares had a net margin of 22.56% and a return on equity of 9.43%. The firm had revenue of $108.26 million during the quarter, compared to analysts' expectations of $110.57 million.

TriCo Bancshares Price Performance

Shares of TCBK stock opened at $50.68 on Friday. TriCo Bancshares has a fifty-two week low of $36.32 and a fifty-two week high of $53.18. 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 firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 13.66 and a beta of 0.59. The stock's 50-day simple moving average is $48.63 and its 200-day simple moving average is $47.73.

TriCo Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Friday, March 6th. TriCo Bancshares's dividend payout ratio (DPR) is currently 38.81%.

Institutional Trading of TriCo Bancshares

A number of institutional investors have recently bought and sold shares of TCBK. Larson Financial Group LLC raised its holdings in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock worth $26,000 after purchasing an additional 459 shares during the last quarter. Federated Hermes Inc. boosted its holdings in TriCo Bancshares by 17.7% in the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 290 shares during the last quarter. State of Tennessee Department of Treasury purchased a new stake in TriCo Bancshares in the fourth quarter valued at $164,000. Quadrant Capital Group LLC acquired a new stake in TriCo Bancshares during the 3rd quarter worth about $184,000. Finally, Quantbot Technologies LP acquired a new stake in TriCo Bancshares during the 2nd quarter worth about $232,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TCBK. Keefe, Bruyette & Woods upped their target price on shares of TriCo Bancshares from $50.00 to $55.00 and gave the stock a "market perform" rating in a report on Monday, January 26th. Stephens boosted their price objective on TriCo Bancshares from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, January 26th. Piper Sandler upped their price objective on TriCo Bancshares from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. DA Davidson increased their target price on TriCo Bancshares from $51.00 to $54.00 and gave the stock a "neutral" rating in a research report on Friday, January 23rd. Finally, Weiss Ratings raised shares of TriCo Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 25th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, TriCo Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $53.80.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company's core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.