TriCo Bancshares (NASDAQ:TCBK) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Key Points

• TriCo Bancshares reported quarterly earnings of $1.04 per share, exceeding analysts' expectations by $0.12.
• The company announced a dividend increase, with a new quarterly dividend of $0.36 per share, resulting in an annualized dividend of $1.44 and a yield of 3.4%.
• Institutional investors control 59.11% of TriCo Bancshares' stock, indicating significant backing from large financial entities.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) released its earnings results on Thursday. The financial services provider reported $1.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.12, Zacks reports. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%.

TriCo Bancshares Stock Performance

Shares of NASDAQ TCBK traded up $0.01 during mid-day trading on Thursday, reaching $42.57. 15,546 shares of the company were exchanged, compared to its average volume of 99,973. The company's 50-day simple moving average is $44.18 and its 200-day simple moving average is $41.59. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $1.39 billion, a P/E ratio of 12.46 and a beta of 0.63. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $51.06.

TriCo Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a dividend of $0.36 per share. The ex-dividend date was Friday, September 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's dividend payout ratio is 42.35%.

Wall Street Analyst Weigh In

TCBK has been the subject of a number of analyst reports. Piper Sandler raised their target price on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of TriCo Bancshares in a research report on Wednesday, October 8th. Raymond James Financial reiterated an "outperform" rating and issued a $45.00 price target (up previously from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. Zacks Research cut shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 26th. Finally, DA Davidson increased their price target on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $47.60.

Institutional Trading of TriCo Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. raised its stake in TriCo Bancshares by 17.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock worth $78,000 after purchasing an additional 290 shares in the last quarter. Quantbot Technologies LP acquired a new stake in TriCo Bancshares in the 2nd quarter worth about $232,000. Tower Research Capital LLC TRC raised its stake in TriCo Bancshares by 400.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 12,930 shares of the financial services provider's stock worth $524,000 after purchasing an additional 10,346 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in TriCo Bancshares by 4.5% in 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 in the last quarter. Finally, Sei Investments Co. raised its stake in TriCo Bancshares by 21.7% in the 2nd quarter. Sei Investments Co. now owns 28,162 shares of the financial services provider's stock worth $1,140,000 after purchasing an additional 5,024 shares in the last quarter. 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.

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