TriCo Bancshares (NASDAQ:TCBK) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• TriCo Bancshares has received a consensus rating of "Moderate Buy" from analysts, with two hold and three buy recommendations, and an average 12-month target price of $47.60.
• The company has recently increased its quarterly dividend to $0.36 per share, representing a 3.2% yield, and the ex-dividend date is set for September 5th.
• TriCo Bancshares reported a quarterly earnings per share of $0.84, exceeding estimates, along with a revenue of $103.61 million for the quarter.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the six analysts that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $47.60.

TCBK has been the topic of several recent research reports. Piper Sandler raised their price target on TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. DA Davidson raised their price target on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 target price (up previously from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. Finally, Zacks Research raised TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 28th.

Institutional Trading of TriCo Bancshares

Several hedge funds have recently added to or reduced their stakes in TCBK. Hotchkis & Wiley Capital Management LLC bought a new stake in TriCo Bancshares during the 1st quarter valued at $8,810,000. ProShare Advisors LLC raised its stake in shares of TriCo Bancshares by 2,137.5% in the 2nd quarter. ProShare Advisors LLC now owns 154,969 shares of the financial services provider's stock worth $6,275,000 after buying an additional 148,043 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of TriCo Bancshares by 7.9% in the 2nd quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider's stock worth $69,880,000 after buying an additional 126,571 shares in the last quarter. Sweeney & Michel LLC bought a new stake in shares of TriCo Bancshares in the 1st quarter worth $4,963,000. Finally, Allworth Financial LP raised its stake in shares of TriCo Bancshares by 1,339.5% in the 2nd quarter. Allworth Financial LP now owns 119,393 shares of the financial services provider's stock worth $4,834,000 after buying an additional 111,099 shares in the last quarter. Institutional investors own 59.11% of the company's stock.

TriCo Bancshares Stock Performance

Shares of NASDAQ TCBK traded up $0.61 during mid-day trading on Friday, hitting $46.00. The company had a trading volume of 72,459 shares, compared to its average volume of 79,384. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 13.53 and a beta of 0.68. TriCo Bancshares has a 12 month low of $35.20 and a 12 month high of $51.06. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86. The firm's 50 day simple moving average is $42.81 and its two-hundred day simple moving average is $40.98.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. The business had revenue of $103.61 million for the quarter, compared to the consensus estimate of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. As a group, equities research analysts forecast that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's dividend payout ratio (DPR) is presently 38.82%.

About TriCo Bancshares

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.