TriCo Bancshares (NASDAQ:TCBK) Reaches New 12-Month High – What’s Next?

Shares of TriCo Bancshares (NASDAQ:TCBK) hit a new 52-week high during trading on Monday . The stock traded as high as $50.71 and last traded at $50.68, with a volume of 11943 shares trading hands. The stock had previously closed at $48.95.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TCBK. DA Davidson downgraded shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and upped their target price for the stock from $50.00 to $53.00 in a report on Tuesday, November 12th. Piper Sandler lowered their price objective on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, Stephens cut their target price on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, TriCo Bancshares presently has a consensus rating of “Hold” and a consensus target price of $48.20.

TriCo Bancshares Stock Performance

The firm has a market cap of $1.60 billion, a PE ratio of 14.45 and a beta of 0.54. The firm’s 50 day simple moving average is $44.40 and its 200 day simple moving average is $42.14. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The company had revenue of $133.84 million during the quarter, compared to analyst estimates of $98.65 million. On average, research analysts forecast that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Friday, December 6th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 39.29%.

Hedge Funds Weigh In On TriCo Bancshares

Several institutional investors have recently bought and sold shares of TCBK. Geode Capital Management LLC raised its position in shares of TriCo Bancshares by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 781,650 shares of the financial services provider’s stock valued at $33,344,000 after buying an additional 5,155 shares in the last quarter. Barclays PLC raised its position in TriCo Bancshares by 127.0% during the third quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock valued at $2,468,000 after purchasing an additional 32,379 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of TriCo Bancshares in the 3rd quarter valued at approximately $259,000. Stifel Financial Corp boosted its holdings in shares of TriCo Bancshares by 2.2% in the 3rd quarter. Stifel Financial Corp now owns 48,031 shares of the financial services provider’s stock worth $2,049,000 after purchasing an additional 1,013 shares during the period. Finally, Point72 DIFC Ltd bought a new position in shares of TriCo Bancshares during the 3rd quarter valued at approximately $114,000. Institutional investors 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.