TriCo Bancshares (NASDAQ:TCBK) Reaches New 52-Week High – Here’s Why

Shares of TriCo Bancshares (NASDAQ:TCBK) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $49.17 and last traded at $49.17, with a volume of 22565 shares. The stock had previously closed at $43.71.

Analyst Ratings Changes

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

TriCo Bancshares Trading Up 0.9 %

The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average is $43.35 and its two-hundred day moving average is $41.04. The firm has a market cap of $1.56 billion, a P/E ratio of 13.97 and a beta of 0.54.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.60% and a net margin of 21.12%. The business had revenue of $133.84 million for the quarter, compared to analysts’ expectations of $98.65 million. As a group, analysts expect that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders 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 annualized dividend and a dividend yield of 2.79%. TriCo Bancshares’s dividend payout ratio is currently 39.29%.

Insider Activity at TriCo Bancshares

In other TriCo Bancshares news, Director Michael W. Koehnen sold 1,400 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were 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 owns 3,000 shares in the company, valued at approximately $135,600. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Cory W. Giese sold 3,465 shares of the 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 completion of the transaction, the director now owns 11,228 shares in the company, valued at $484,039.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael W. Koehnen sold 1,400 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $135,600. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 4.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TCBK. BNP Paribas Financial Markets grew its holdings in TriCo Bancshares by 200.3% during the first quarter. BNP Paribas Financial Markets now owns 24,384 shares of the financial services provider’s stock worth $897,000 after acquiring an additional 16,263 shares during the period. Quantbot Technologies LP bought a new stake in shares of TriCo Bancshares during the 1st quarter worth $227,000. Empowered Funds LLC grew its holdings in shares of TriCo Bancshares by 135.1% in the 1st quarter. Empowered Funds LLC now owns 46,554 shares of the financial services provider’s stock worth $1,712,000 after acquiring an additional 26,751 shares during the last quarter. SG Americas Securities LLC raised its position 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 worth $139,000 after purchasing an additional 287 shares during the period. Finally, Heartland Advisors Inc. lifted its holdings in shares of TriCo Bancshares by 25.0% during the first quarter. Heartland Advisors Inc. now owns 250,000 shares of the financial services provider’s stock valued at $9,195,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

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.