TriCo Bancshares (NASDAQ:TCBK) Hits New 52-Week High – Here’s What Happened

TriCo Bancshares (NASDAQ:TCBK)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $50.85 and last traded at $50.6250, with a volume of 93591 shares traded. The stock had previously closed at $48.55.

Wall Street Analyst Weigh In

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

TriCo Bancshares Stock Up 4.2%

The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a fifty day moving average of $48.06 and a two-hundred day moving average of $45.16. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 14.22 and a beta of 0.63.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.12. TriCo Bancshares had a return on equity of 9.27% and a net margin of 21.87%.The firm had revenue of $107.56 million during the quarter, compared to analysts’ expectations of $107.08 million. Sell-side analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Announces Dividend

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

Institutional Trading of TriCo Bancshares

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in TriCo Bancshares by 28.9% in 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of TriCo Bancshares by 4.5% in the first 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in TriCo Bancshares by 4.4% during the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider’s stock valued at $25,727,000 after purchasing an additional 27,193 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of TriCo Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider’s stock worth $2,047,000 after purchasing an additional 3,951 shares during the period. Finally, Jane Street Group LLC boosted its stake in shares of TriCo Bancshares by 280.1% during the 1st quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider’s stock worth $1,977,000 after purchasing an additional 36,443 shares during the period. Hedge funds and other institutional investors own 59.11% of the company’s stock.

About TriCo Bancshares

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.