TriCo Bancshares (NASDAQ:TCBK) Short Interest Update

TriCo Bancshares (NASDAQ:TCBK) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 379,100 shares, a decline of 22.9% from the August 15th total of 491,400 shares. Based on an average daily volume of 129,400 shares, the days-to-cover ratio is currently 2.9 days.

Insider Buying and Selling

In related news, Director Michael W. Koehnen sold 1,400 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $135,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Cory W. Giese sold 3,465 shares of TriCo Bancshares stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $43.11, for a total transaction of $149,376.15. Following the completion of the transaction, the director now directly owns 11,228 shares of the company’s stock, valued at approximately $484,039.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael W. Koehnen sold 1,400 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total transaction of $63,280.00. Following the completion of the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $135,600. The disclosure for this sale can be found here. Insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TCBK. SG Americas Securities LLC boosted its holdings in TriCo Bancshares by 8.2% during the 1st quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider’s stock valued at $139,000 after acquiring an additional 287 shares during the period. ProShare Advisors LLC increased its position in TriCo Bancshares by 8.5% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider’s stock worth $205,000 after buying an additional 439 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in TriCo Bancshares by 10.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,973 shares of the financial services provider’s stock worth $315,000 after buying an additional 758 shares during the period. Principal Financial Group Inc. increased its position in TriCo Bancshares by 8.7% during the fourth quarter. Principal Financial Group Inc. now owns 9,545 shares of the financial services provider’s stock worth $410,000 after buying an additional 764 shares during the period. Finally, Sei Investments Co. increased its position in TriCo Bancshares by 4.4% during the first quarter. Sei Investments Co. now owns 18,045 shares of the financial services provider’s stock worth $664,000 after buying an additional 764 shares during the period. 59.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TCBK has been the topic of several recent research reports. Piper Sandler lifted their price target on shares of TriCo Bancshares from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. DA Davidson boosted their price objective on shares of TriCo Bancshares from $41.00 to $55.00 and gave the company a “buy” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $48.00 price objective (up from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Janney Montgomery Scott reiterated a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Finally, Stephens upped their price target on shares of TriCo Bancshares from $43.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, TriCo Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.80.

TriCo Bancshares Trading Up 3.1 %

NASDAQ TCBK traded up $1.29 on Friday, hitting $43.16. 84,601 shares of the stock were exchanged, compared to its average volume of 87,419. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day moving average price of $43.56 and a two-hundred day moving average price of $38.64. The firm has a market capitalization of $1.42 billion, a P/E ratio of 13.16 and a beta of 0.54. TriCo Bancshares has a 52-week low of $29.38 and a 52-week high of $48.80.

TriCo Bancshares (NASDAQ:TCBK) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The business had revenue of $97.86 million during the quarter, compared to the consensus estimate of $98.55 million. TriCo Bancshares had a net margin of 21.63% and a return on equity of 9.93%. Research analysts forecast that TriCo Bancshares will post 3.3 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be given a $0.33 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.32 annualized dividend and a yield of 3.06%. TriCo Bancshares’s dividend payout ratio is presently 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.