TriCo Bancshares (NASDAQ:TCBK) Sees Significant Decline in Short Interest

TriCo Bancshares (NASDAQ:TCBK) was the target of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 345,700 shares, a drop of 22.9% from the March 31st total of 448,100 shares. Based on an average trading volume of 124,900 shares, the short-interest ratio is currently 2.8 days.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TCBK shares. DA Davidson dropped their price objective on shares of TriCo Bancshares from $49.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, January 26th. StockNews.com cut TriCo Bancshares from a “hold” rating to a “sell” rating in a research report on Monday, April 22nd. Keefe, Bruyette & Woods lowered their price target on shares of TriCo Bancshares from $44.00 to $42.00 and set a “market perform” rating on the stock in a report on Friday, January 26th. Finally, Raymond James upped their target price on shares of TriCo Bancshares from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.00.

Hedge Funds Weigh In On TriCo Bancshares

A number of hedge funds have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC grew its stake in shares of TriCo Bancshares by 124.6% during the fourth quarter. Lindbrook Capital LLC now owns 793 shares of the financial services provider’s stock worth $34,000 after buying an additional 440 shares during the last quarter. Quadrant Capital Group LLC grew its position in TriCo Bancshares by 470.9% during the 4th quarter. Quadrant Capital Group LLC now owns 942 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 777 shares during the last quarter. Quantbot Technologies LP grew its position in TriCo Bancshares by 49.6% during the 3rd quarter. Quantbot Technologies LP now owns 4,918 shares of the financial services provider’s stock worth $158,000 after acquiring an additional 1,631 shares during the last quarter. Aigen Investment Management LP acquired a new position in TriCo Bancshares in the 3rd quarter worth about $213,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in TriCo Bancshares by 39.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,215 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 2,024 shares during the last quarter. Institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Stock Up 2.7 %

Shares of TCBK stock traded up $0.93 during trading on Monday, reaching $34.78. The company’s stock had a trading volume of 128,195 shares, compared to its average volume of 116,328. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 10.46 and a beta of 0.53. TriCo Bancshares has a one year low of $28.66 and a one year high of $45.84. The business has a fifty day moving average price of $34.28 and a 200-day moving average price of $36.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. TriCo Bancshares had a net margin of 21.25% and a return on equity of 9.87%. The company had revenue of $131.19 million during the quarter, compared to the consensus estimate of $99.50 million. Analysts anticipate that TriCo Bancshares will post 3.23 earnings per share for the current year.

TriCo Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a dividend of $0.33 per share. The ex-dividend date was Thursday, March 7th. This is a boost from TriCo Bancshares’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 3.80%. TriCo Bancshares’s dividend payout ratio (DPR) is currently 40.24%.

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.