TriCo Bancshares (NASDAQ:TCBK) Releases Earnings Results, Beats Expectations By $0.03 EPS

TriCo Bancshares (NASDAQ:TCBK) posted its earnings results on Wednesday. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03, FiscalAI reports. The firm had revenue of $111.88 million for the quarter, compared to analyst estimates of $110.99 million. TriCo Bancshares had a return on equity of 9.87% and a net margin of 23.71%.

TriCo Bancshares Price Performance

Shares of TCBK stock traded down $0.90 during trading hours on Thursday, hitting $58.59. 25,148 shares of the company’s stock were exchanged, compared to its average volume of 199,887. TriCo Bancshares has a fifty-two week low of $39.84 and a fifty-two week high of $61.71. The firm has a market cap of $1.87 billion, a P/E ratio of 14.83 and a beta of 0.60. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $53.06 and a two-hundred day moving average of $50.57.

TriCo Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.36 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.5%. TriCo Bancshares’s payout ratio is 36.46%.

Institutional Investors Weigh In On TriCo Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in TriCo Bancshares by 0.9% during the third quarter. Dimensional Fund Advisors LP now owns 1,683,048 shares of the financial services provider’s stock valued at $74,744,000 after purchasing an additional 14,748 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of TriCo Bancshares by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 777,826 shares of the financial services provider’s stock worth $36,851,000 after purchasing an additional 6,793 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of TriCo Bancshares by 6.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 672,905 shares of the financial services provider’s stock worth $31,876,000 after purchasing an additional 43,417 shares during the last quarter. North Reef Capital Management LP acquired a new position in shares of TriCo Bancshares during the 4th quarter worth about $22,994,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in TriCo Bancshares by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 361,865 shares of the financial services provider’s stock valued at $17,142,000 after buying an additional 21,592 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Raymond James Financial lowered TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th. Stephens cut shares of TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 target price for the company. in a research note on Wednesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Piper Sandler lowered shares of TriCo Bancshares from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $63.00 to $61.00 in a research report on Tuesday, July 14th. Finally, Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.40.

About TriCo Bancshares

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.