TriCo Bancshares (NASDAQ:TCBK) Reaches New 12-Month High – Here’s Why

TriCo Bancshares (NASDAQ:TCBK) reached a new 52-week high on Wednesday . The stock traded as high as $53.29 and last traded at $53.08, with a volume of 37893 shares. The stock had previously closed at $52.67.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TCBK. Piper Sandler lifted their price target on TriCo Bancshares from $59.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.60.

TriCo Bancshares Price Performance

The business’s 50-day simple moving average is $50.68 and its two-hundred day simple moving average is $49.55. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 13.56 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Monday, March 2nd. The financial services provider reported $1.03 earnings per share (EPS) for the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. The company had revenue of $111.21 million during the quarter. Research analysts expect that TriCo Bancshares will post 4.22 earnings per share for the current year.

TriCo Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.36 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.44 annualized dividend and a yield of 2.7%. TriCo Bancshares’s dividend payout ratio (DPR) is currently 36.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in TriCo Bancshares by 40.3% in the 4th quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock valued at $35,000 after buying an additional 211 shares during the last quarter. Federated Hermes Inc. increased its position in TriCo Bancshares by 17.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 290 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of TriCo Bancshares by 1.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider’s stock valued at $1,433,000 after acquiring an additional 329 shares during the last quarter. Sweeney & Michel LLC raised its stake in shares of TriCo Bancshares by 0.3% during the first quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider’s stock valued at $6,318,000 after acquiring an additional 347 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 459 shares during the period. Institutional investors and hedge funds own 59.11% of the company’s stock.

TriCo Bancshares Company Profile

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.