TriCo Bancshares (NASDAQ:TCBK) Short Interest Down 18.0% in November

TriCo Bancshares (NASDAQ:TCBK) saw a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 338,500 shares, a drop of 18.0% from the October 31st total of 412,700 shares. Based on an average daily trading volume, of 105,500 shares, the days-to-cover ratio is currently 3.2 days.

Hedge Funds Weigh In On TriCo Bancshares

A number of hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in TriCo Bancshares by 4.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,895 shares of the financial services provider’s stock worth $1,063,000 after acquiring an additional 1,119 shares in the last quarter. Sweeney & Michel LLC boosted its holdings in TriCo Bancshares by 0.8% in the second quarter. Sweeney & Michel LLC now owns 132,678 shares of the financial services provider’s stock worth $5,173,000 after purchasing an additional 1,051 shares in the last quarter. Bank of New York Mellon Corp increased its position in TriCo Bancshares by 5.6% during the second quarter. Bank of New York Mellon Corp now owns 184,610 shares of the financial services provider’s stock worth $7,305,000 after buying an additional 9,723 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 valued at $315,000 after buying an additional 758 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of TriCo Bancshares by 7.5% in the second quarter. Principal Financial Group Inc. now owns 13,978 shares of the financial services provider’s stock worth $553,000 after buying an additional 973 shares during the last quarter. Institutional investors and hedge funds own 59.11% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on TCBK. DA Davidson downgraded shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and upped their price target for the company from $50.00 to $53.00 in a research report on Tuesday, November 12th. Piper Sandler decreased their target price on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, Stephens dropped their price target on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, TriCo Bancshares currently has an average rating of “Hold” and a consensus target price of $48.20.

TriCo Bancshares Stock Down 1.1 %

TCBK stock opened at $48.34 on Monday. The company has a 50 day moving average of $44.78 and a two-hundred day moving average of $42.41. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 14.39 and a beta of 0.54. TriCo Bancshares has a 12-month low of $31.73 and a 12-month high of $51.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.30.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The business had revenue of $133.84 million during the quarter, compared to analyst estimates of $98.65 million. On average, equities analysts anticipate that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a $0.33 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.32 annualized dividend and a dividend yield of 2.73%. TriCo Bancshares’s payout ratio is 39.29%.

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.