TriCo Bancshares (NASDAQ:TCBK) Reaches New 1-Year High – Here’s What Happened

TriCo Bancshares (NASDAQ:TCBK)’s share price reached a new 52-week high on Wednesday . The company traded as high as $54.20 and last traded at $53.90, with a volume of 7906 shares trading hands. The stock had previously closed at $53.85.

Wall Street Analyst Weigh In

TCBK has been the subject of several research analyst reports. Piper Sandler increased their price objective on TriCo Bancshares from $59.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, TriCo Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.60.

TriCo Bancshares Stock Performance

The stock’s 50-day moving average price is $51.11 and its 200-day moving average price is $49.72. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.81 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.87.

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

TriCo Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, June 5th. TriCo Bancshares’s payout ratio is presently 36.46%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC raised its stake in shares of TriCo Bancshares by 88.5% during the 1st quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider’s stock worth $68,000 after buying an additional 676 shares during the last quarter. Bank of America Corp DE increased its holdings in TriCo Bancshares by 39.4% during the 1st quarter. Bank of America Corp DE now owns 86,742 shares of the financial services provider’s stock valued at $4,124,000 after acquiring an additional 24,500 shares in the last quarter. California State Teachers Retirement System raised its position in TriCo Bancshares by 13.3% during the first quarter. California State Teachers Retirement System now owns 32,720 shares of the financial services provider’s stock worth $1,556,000 after acquiring an additional 3,837 shares during the last quarter. Quantinno Capital Management LP raised its position in TriCo Bancshares by 22.8% during the first quarter. Quantinno Capital Management LP now owns 10,836 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 2,014 shares during the last quarter. Finally, Jacobs Asset Management LLC lifted its holdings in shares of TriCo Bancshares by 11.1% in the first quarter. Jacobs Asset Management LLC now owns 75,000 shares of the financial services provider’s stock valued at $3,566,000 after purchasing an additional 7,500 shares in the last quarter. Hedge funds and other institutional investors 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.