TriCo Bench Shares (NASDAQ:TCBK- Get a rating) announced a quarterly dividend on Tuesday, August 30, the wall street journal reports. Shareholders of record on Friday, September 9 will receive a dividend of 0.30 per share from the financial services provider on Friday, September 23. This represents a dividend of $1.20 on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Thursday, September 8. This is an increase from TriCo Bancshares’ previous quarterly dividend of $0.25.
TriCo Bancshares has increased its dividend by an average of 12.6% per year over the past three years and has increased its dividend annually for the past 1 consecutive years. TriCo Bancshares has a dividend payout ratio of 22.6%, indicating that its dividend is sufficiently covered by earnings. Analysts expect TriCo Bancshares to earn $4.43 per share next year, meaning the company should continue to be able to cover its $1.00 annual dividend with a future payout ratio. forecast of 22.6%.
TriCo Banc shares trade up 0.9%
Shares of TCBK rose $0.44 during trading hours on Tuesday, hitting $47.04. The company’s stock had a trading volume of 3,098 shares, compared to an average volume of 77,086. The stock has a market capitalization of $1.57 billion, a P/E ratio of 13.47 and a beta of 0.50. TriCo Bancshares has a one-year low of $37.41 and a one-year high of $49.89. The company’s fifty-day simple moving average is $46.79 and its 200-day simple moving average is $43.74. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt ratio of 0.13.
TriCo Bancshares (NASDAQ: TCBK – Get a rating) last reported results on Wednesday, July 27. The financial services provider reported EPS of $0.93 for the quarter, missing analyst consensus estimates of $0.99 per ($0.06). TriCo Bancshares had a net margin of 29.83% and a return on equity of 10.39%. Equity research analysts expect TriCo Bancshares to post EPS of 3.93 for the current year.
Hedge funds weigh on TriCo Banc shares
A number of hedge funds have recently changed their positions in TCBK. Rhumbline Advisers increased its position in shares of TriCo Bancshares by 19.7% in the first quarter. Rhumbline Advisers now owns 48,261 shares of the financial services provider worth $1,932,000 after buying an additional 7,933 shares last quarter. American Century Companies Inc. increased its position in shares of TriCo Bancshares by 208.7% in the first quarter. American Century Companies Inc. now owns 45,616 shares of the financial services provider worth $1,826,000 after buying 30,838 additional shares last quarter. Invesco Ltd. increased its position in shares of TriCo Bancshares by 10.0% in the first quarter. Invesco Ltd. now owns 43,812 shares of the financial services provider worth $1,755,000 after purchasing an additional 3,979 shares last quarter. Guggenheim Capital LLC increased its position in shares of TriCo Bancshares by 57.3% in the first quarter. Guggenheim Capital LLC now owns 37,417 shares of the financial services provider worth $1,498,000 after purchasing an additional 13,635 shares last quarter. Finally, UBS Group AG increased its position in shares of TriCo Bancshares by 18.8% in the second quarter. UBS Group AG now owns 32,127 shares of the financial services provider worth $1,466,000 after buying an additional 5,080 shares last quarter. Institutional investors hold 61.13% of the company’s shares.
A Wall Street analyst gives his opinion
TCBK has been the subject of a number of recent research reports. Piper Sandler raised her price target on TriCo Bancshares to $56.00 in a Monday July 4 research note. Stephens downgraded TriCo Bancshares from an “equal weight” rating to an “overweight” rating and raised its price target for the company from $46.00 to $48.00 in a Wednesday 11 research note. may. Janney Montgomery Scott upgraded TriCo Bancshares from a “neutral” rating to a “buy” rating and set a price target of $49.00 for the company in a Tuesday, May 3 research note. Finally, Raymond James raised his price target on TriCo Bancshares shares from $44.00 to $48.00 and gave the stock an “outperform” rating in a Thursday, July 7 research note. One research analyst gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $49.60.
About TriCo Bancshares
TriCo Bancshares operates as a bank holding company for Tri Counties Bank which provides retail and corporate commercial banking services. The company accepts demand, savings and term deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and housing construction loans.
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