TriCo Bancshares (NASDAQ:TCBK) Posts Quarterly Earnings Results

TriCo Bancshares (NASDAQ:TCBK) issued its earnings results on Thursday. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06, Zacks reports. The firm had revenue of $133.84 million for the quarter, compared to analyst estimates of $98.65 million. TriCo Bancshares had a return on equity of 9.93% and a net margin of 21.63%.

TriCo Bancshares Price Performance

TriCo Bancshares stock traded down $1.03 during midday trading on Friday, hitting $42.94. 10,915 shares of the company’s stock were exchanged, compared to its average volume of 116,487. TriCo Bancshares has a 52-week low of $30.21 and a 52-week high of $48.80. The stock has a 50-day moving average price of $43.32 and a two-hundred day moving average price of $40.26. 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 company has a market cap of $1.42 billion, a P/E ratio of 13.41 and a beta of 0.54.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Friday, September 6th. TriCo Bancshares’s payout ratio is 40.24%.

Insider Buying and Selling

In related news, Director Michael W. Koehnen sold 1,400 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 3,000 shares in the company, valued at $135,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other TriCo Bancshares news, Director Cory W. Giese sold 3,465 shares of TriCo Bancshares stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $43.11, for a total transaction of $149,376.15. Following the completion of the sale, the director now owns 11,228 shares of the company’s stock, valued at $484,039.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael W. Koehnen sold 1,400 shares of TriCo Bancshares stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total value of $63,280.00. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $135,600. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 4.64% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.