TriCo Bancshares (NASDAQ:TCBK) Issues Earnings Results

Key Points

• TriCo Bancshares beat earnings expectations, reporting quarterly EPS of $1.06 versus the $1.03 consensus estimate. Revenue also came in slightly ahead of forecasts at $111.88 million.
• The bank declared a quarterly dividend of $0.36 per share, equivalent to an annualized yield of 2.5%. Its payout ratio is currently 36.46%.
• Analyst sentiment remains cautious, with one Buy and six Hold ratings and a consensus target price of $56.40. Several firms recently downgraded the stock, even as shares traded near their 52-week high.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) announced its earnings results on Wednesday. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03, FiscalAI reports. The business had revenue of $111.88 million for the quarter, compared to the consensus estimate of $110.99 million. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%.

TriCo Bancshares Stock Performance

TCBK traded down $0.90 on Thursday, reaching $58.59. 25,148 shares of the stock were exchanged, compared to its average volume of 199,887. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. The company's 50-day moving average price is $53.06 and its 200 day moving average price is $50.57. The firm has a market capitalization of $1.87 billion, a PE ratio of 14.83 and a beta of 0.60. TriCo Bancshares has a fifty-two week low of $39.84 and a fifty-two week high of $61.71.

TriCo Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. TriCo Bancshares's payout ratio is currently 36.46%.

Wall Street Analysts Forecast Growth

TCBK has been the subject of several research analyst reports. Raymond James Financial downgraded shares of TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. DA Davidson boosted their price target on TriCo Bancshares from $55.00 to $66.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Piper Sandler downgraded shares of TriCo Bancshares from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $63.00 to $61.00 in a report on Tuesday, July 14th. Finally, Stephens lowered shares of TriCo Bancshares from an "overweight" rating to an "equal weight" rating and set a $54.00 price objective for the company. in a research report on Wednesday, July 15th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, TriCo Bancshares has a consensus rating of "Hold" and an average target price of $56.40.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Federated Hermes Inc. increased its stake in shares of TriCo Bancshares by 17.7% in the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock worth $78,000 after acquiring an additional 290 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in TriCo Bancshares by 1.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider's stock valued at $1,433,000 after purchasing an additional 329 shares during the period. Larson Financial Group LLC lifted its position in TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 459 shares during the period. Swiss National Bank boosted its holdings in TriCo Bancshares by 1.2% in the third quarter. Swiss National Bank now owns 60,500 shares of the financial services provider's stock valued at $2,687,000 after purchasing an additional 700 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in TriCo Bancshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider's stock valued at $760,000 after purchasing an additional 820 shares during the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

About TriCo Bancshares

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.

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