TriCo Bancshares (NASDAQ:TCBK) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

TriCo Bancshares (NASDAQ:TCBK) announced its earnings results on Thursday. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $1.01 by $0.02, Zacks reports. TriCo Bancshares had a net margin of 21.87% and a return on equity of 9.27%.

TriCo Bancshares Price Performance

NASDAQ:TCBK opened at $50.61 on Thursday. TriCo Bancshares has a 12-month low of $35.20 and a 12-month high of $50.85. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 14.22 and a beta of 0.63. The stock’s 50 day moving average price is $48.16 and its two-hundred day moving average price is $45.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.04.

TriCo Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a $0.36 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.44 annualized dividend and a yield of 2.8%. TriCo Bancshares’s dividend payout ratio is currently 40.45%.

Institutional Investors Weigh In On TriCo Bancshares

A number of large investors have recently added to or reduced their stakes in TCBK. AQR Capital Management LLC boosted its position in TriCo Bancshares by 28.9% during the first quarter. AQR Capital Management LLC now owns 32,711 shares of the financial services provider’s stock worth $1,307,000 after purchasing an additional 7,334 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of TriCo Bancshares by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider’s stock worth $760,000 after buying an additional 820 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of TriCo Bancshares by 4.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider’s stock worth $25,727,000 after buying an additional 27,193 shares during the period. Empowered Funds LLC grew its stake in TriCo Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider’s stock valued at $2,047,000 after buying an additional 3,951 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in TriCo Bancshares by 280.1% in the 1st quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider’s stock valued at $1,977,000 after acquiring an additional 36,443 shares during the period. Institutional investors own 59.11% of the company’s stock.

Wall Street Analysts Forecast Growth

TCBK has been the subject of several analyst reports. Zacks Research cut TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 25th. Keefe, Bruyette & Woods upped their target price on TriCo Bancshares from $46.00 to $50.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a research report on Monday, December 29th. Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $46.00 price objective (up previously from $45.00) on shares of TriCo Bancshares in a research note on Friday, October 24th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, TriCo Bancshares currently has an average rating of “Hold” and a consensus target price of $48.60.

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.