TriCo Bancshares (NASDAQ:TCBK) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• TriCo Bancshares has received a consensus rating of "Moderate Buy" from analysts, with an average target price of $47.60.
• The company recently increased its dividend from $0.33 to $0.36 per share, resulting in an annualized yield of 3.2%.
• TriCo Bancshares reported earnings of $0.84 per share for the last quarter, exceeding the consensus estimate of $0.82.

Shares of TriCo Bancshares (NASDAQ:TCBK - Get Free Report) have received an average rating of "Moderate Buy" from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $47.60.

Several research firms have weighed in on TCBK. DA Davidson increased their target price on TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Zacks Research raised TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 28th. Piper Sandler increased their target price on TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $45.00 target price (up previously from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th.

Institutional Investors Weigh In On TriCo Bancshares

A number of hedge funds have recently modified their holdings of TCBK. Abound Financial LLC acquired a new stake in shares of TriCo Bancshares during the first quarter worth about $36,000. CWM LLC raised its position in shares of TriCo Bancshares by 59.2% during the first quarter. CWM LLC now owns 1,116 shares of the financial services provider's stock worth $45,000 after purchasing an additional 415 shares during the period. KBC Group NV acquired a new stake in shares of TriCo Bancshares during the first quarter worth about $61,000. Federated Hermes Inc. raised its position in shares of TriCo Bancshares by 17.7% during the second 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 during the period. Finally, Public Employees Retirement System of Ohio raised its position in TriCo Bancshares by 591.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,951 shares of the financial services provider's stock valued at $129,000 after buying an additional 2,524 shares during the last quarter. Institutional investors and hedge funds own 59.11% of the company's stock.

TriCo Bancshares Price Performance

Shares of TCBK stock opened at $44.88 on Wednesday. The stock's fifty day moving average is $43.60 and its 200-day moving average is $41.14. The stock has a market capitalization of $1.46 billion, a PE ratio of 13.20 and a beta of 0.68. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $51.06. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86.

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

TriCo Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from TriCo Bancshares's previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 3.2%. TriCo Bancshares's payout ratio is currently 42.35%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.