TriCo Bancshares (NASDAQ:TCBK) Short Interest Update

TriCo Bancshares (NASDAQ:TCBK) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 379,100 shares, a decline of 22.9% from the August 15th total of 491,400 shares. Based on an average trading volume of 129,400 shares, the short-interest ratio is currently 2.9 days.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TCBK shares. Stephens increased their target price on TriCo Bancshares from $43.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Piper Sandler lifted their target price on TriCo Bancshares from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. DA Davidson lifted their target price on TriCo Bancshares from $41.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Janney Montgomery Scott restated a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $48.00 price target (up previously from $42.00) on shares of TriCo Bancshares in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.80.

TriCo Bancshares Stock Performance

NASDAQ TCBK traded up $1.29 during trading on Friday, reaching $43.16. The company’s stock had a trading volume of 84,601 shares, compared to its average volume of 87,419. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 13.16 and a beta of 0.54. TriCo Bancshares has a twelve month low of $29.38 and a twelve month high of $48.80. The business’s fifty day moving average price is $43.56 and its 200-day moving average price is $38.64.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.07. The company had revenue of $97.86 million for the quarter, compared to analyst estimates of $98.55 million. TriCo Bancshares had a net margin of 21.63% and a return on equity of 9.93%. As a group, analysts anticipate that TriCo Bancshares will post 3.3 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Friday, September 6th. TriCo Bancshares’s dividend payout ratio is currently 40.24%.

Insider Transactions 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 sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $135,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Cory W. Giese sold 3,465 shares of the 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 transaction, the director now owns 11,228 shares of the company’s stock, valued at approximately $484,039.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $63,280.00. Following the completion of the sale, the director now directly owns 3,000 shares of the company’s stock, valued at $135,600. The disclosure for this sale can be found here. 4.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TriCo Bancshares

A number of large investors have recently bought and sold shares of the stock. Eagle Asset Management Inc. purchased a new stake in TriCo Bancshares during the 4th quarter worth $8,000,000. Sweeney & Michel LLC acquired a new position in shares of TriCo Bancshares in the 1st quarter valued at about $5,015,000. American Century Companies Inc. boosted its holdings in shares of TriCo Bancshares by 27.3% in the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock valued at $15,975,000 after buying an additional 86,689 shares during the period. Franklin Resources Inc. boosted its holdings in shares of TriCo Bancshares by 6.0% in the 4th quarter. Franklin Resources Inc. now owns 1,526,919 shares of the financial services provider’s stock valued at $65,612,000 after buying an additional 86,141 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of TriCo Bancshares by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,414,921 shares of the financial services provider’s stock valued at $60,801,000 after buying an additional 64,815 shares during the period. Hedge funds and other 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.