TriCo Bancshares (NASDAQ:TCBK) Sets New 1-Year High – Here’s What Happened

TriCo Bancshares (NASDAQ:TCBK)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $49.17 and last traded at $49.17, with a volume of 22565 shares changing hands. The stock had previously closed at $43.71.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TCBK. Janney Montgomery Scott reiterated a “neutral” rating on shares of TriCo Bancshares in a research note on Friday, July 26th. DA Davidson boosted their price target on TriCo Bancshares from $41.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $48.00 price objective (up from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Stephens decreased their price target on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Finally, Piper Sandler cut their price objective on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.60.

TriCo Bancshares Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 0.85 and a quick ratio of 0.85. The company has a 50-day simple moving average of $43.23 and a 200-day simple moving average of $40.94. The stock has a market cap of $1.63 billion, a PE ratio of 14.63 and a beta of 0.54.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.60%. The firm had revenue of $133.84 million during the quarter, compared to analysts’ expectations of $98.65 million. Sell-side analysts anticipate that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a yield of 2.67%. TriCo Bancshares’s payout ratio is 39.29%.

Insider Activity

In related news, Director Cory W. Giese sold 3,465 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $43.11, for a total value of $149,376.15. Following the sale, the director now directly owns 11,228 shares in the company, valued at $484,039.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Michael W. Koehnen sold 1,400 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total value of $63,280.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $135,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Cory W. Giese sold 3,465 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $43.11, for a total value of $149,376.15. Following the completion of the sale, the director now owns 11,228 shares in the company, valued at $484,039.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in shares of TriCo Bancshares by 8.2% during the first quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider’s stock valued at $139,000 after buying an additional 287 shares during the period. ProShare Advisors LLC grew its position in shares of TriCo Bancshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider’s stock valued at $205,000 after purchasing an additional 439 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in TriCo Bancshares by 10.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,973 shares of the financial services provider’s stock valued at $315,000 after purchasing an additional 758 shares during the last quarter. Sei Investments Co. lifted its position in TriCo Bancshares by 4.4% during the first quarter. Sei Investments Co. now owns 18,045 shares of the financial services provider’s stock worth $664,000 after buying an additional 764 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in TriCo Bancshares by 7.5% in the 2nd quarter. Principal Financial Group Inc. now owns 13,978 shares of the financial services provider’s stock worth $553,000 after buying an additional 973 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 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.