DA Davidson Analysts Increase Earnings Estimates for TriCo Bancshares (NASDAQ:TCBK)

TriCo Bancshares (NASDAQ:TCBK) – Stock analysts at DA Davidson increased their FY2024 earnings estimates for TriCo Bancshares in a research note issued to investors on Monday, July 29th. DA Davidson analyst J. Rulis now forecasts that the financial services provider will post earnings of $3.30 per share for the year, up from their prior forecast of $3.25. DA Davidson currently has a “Buy” rating and a $55.00 target price on the stock. The consensus estimate for TriCo Bancshares’ current full-year earnings is $3.29 per share.

Other analysts have also issued research reports about the stock. Janney Montgomery Scott reissued a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. StockNews.com raised shares of TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Stephens upped their price target on shares of TriCo Bancshares from $43.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday. Piper Sandler upped their price target on shares of TriCo Bancshares from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $48.00 price target (up from $42.00) on shares of TriCo Bancshares in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.80.

TriCo Bancshares Stock Performance

Shares of TCBK stock opened at $44.24 on Wednesday. The company’s fifty day simple moving average is $39.90 and its 200-day simple moving average is $37.11. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.47 billion, a PE ratio of 13.43 and a beta of 0.56. TriCo Bancshares has a 12 month low of $29.38 and a 12 month high of $48.80.

TriCo Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.98%. The ex-dividend date was Friday, June 7th. TriCo Bancshares’s dividend payout ratio is currently 40.24%.

Insider Buying and Selling

In other news, EVP Craig B. Carney sold 757 shares of TriCo Bancshares stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $38.00, for a total value of $28,766.00. Following the completion of the transaction, the executive vice president now directly owns 32,325 shares of the company’s stock, valued at approximately $1,228,350. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Lindbrook Capital LLC raised its position in shares of TriCo Bancshares by 124.6% in the 4th quarter. Lindbrook Capital LLC now owns 793 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 440 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of TriCo Bancshares by 470.9% in 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 in the last quarter. SG Americas Securities LLC raised its position in shares of TriCo Bancshares by 8.2% in the 1st quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider’s stock worth $139,000 after acquiring an additional 287 shares in the last quarter. ProShare Advisors LLC raised its position in shares of TriCo Bancshares by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider’s stock worth $205,000 after acquiring an additional 439 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of TriCo Bancshares in the 1st quarter worth about $227,000. 59.11% of the stock is owned by institutional investors.

About TriCo Bancshares

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.