TriCo Bancshares (NASDAQ:TCBK) to Issue $0.33 Quarterly Dividend

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) announced a quarterly dividend on Thursday, May 22nd, Wall Street Journal reports. Stockholders of record on Friday, June 6th will be paid a dividend of 0.33 per share by the financial services provider on Friday, June 20th. This represents a $1.32 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, June 6th.

TriCo Bancshares has increased its dividend payment by an average of 9.7% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. TriCo Bancshares has a dividend payout ratio of 36.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect TriCo Bancshares to earn $3.67 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 36.0%.

TriCo Bancshares Stock Down 0.6%

NASDAQ:TCBK traded down $0.22 during mid-day trading on Monday, reaching $39.68. The stock had a trading volume of 78,817 shares, compared to its average volume of 115,531. The stock has a market cap of $1.30 billion, a P/E ratio of 11.47 and a beta of 0.59. The business's 50 day moving average is $38.94 and its 200 day moving average is $42.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86. TriCo Bancshares has a fifty-two week low of $35.20 and a fifty-two week high of $51.06.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. TriCo Bancshares had a net margin of 21.63% and a return on equity of 9.63%. The company had revenue of $98.62 million for the quarter, compared to analyst estimates of $99.59 million. As a group, sell-side analysts predict that TriCo Bancshares will post 3.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TCBK shares. Keefe, Bruyette & Woods decreased their target price on TriCo Bancshares from $48.00 to $46.00 and set a "market perform" rating for the company in a research report on Monday, April 28th. Stephens restated an "overweight" rating and issued a $47.00 price objective on shares of TriCo Bancshares in a research note on Monday, April 28th. Finally, Raymond James lowered their target price on shares of TriCo Bancshares from $48.00 to $43.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, TriCo Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $47.80.

Institutional Investors Weigh In On TriCo Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of TCBK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of TriCo Bancshares by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider's stock worth $760,000 after purchasing an additional 820 shares during the period. AQR Capital Management LLC grew its position in TriCo Bancshares by 28.9% during the first quarter. AQR Capital Management LLC now owns 32,711 shares of the financial services provider's stock worth $1,307,000 after buying an additional 7,334 shares in the last quarter. Jane Street Group LLC increased its stake in TriCo Bancshares by 280.1% during the first quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider's stock valued at $1,977,000 after acquiring an additional 36,443 shares during the period. Empowered Funds LLC raised its holdings in TriCo Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider's stock valued at $2,047,000 after acquiring an additional 3,951 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of TriCo Bancshares by 4.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock worth $25,727,000 after acquiring an additional 27,193 shares during the period. Institutional investors and hedge funds own 59.11% of the company's stock.

TriCo Bancshares Company Profile

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.