TriCo Bancshares (NASDAQ:TCBK) Sees Large Decrease in Short Interest

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

TriCo Bancshares Price Performance

TCBK opened at $43.34 on Tuesday. The company has a fifty day moving average price of $43.56 and a two-hundred day moving average price of $38.68. 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 firm has a market capitalization of $1.44 billion, a PE ratio of 13.21 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 released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. TriCo Bancshares had a return on equity of 9.93% and a net margin of 21.63%. The business had revenue of $97.86 million during the quarter, compared to the consensus estimate of $98.55 million. As a group, analysts anticipate that TriCo Bancshares will post 3.3 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a $0.33 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.32 annualized dividend and a yield of 3.05%. TriCo Bancshares’s dividend payout ratio (DPR) is presently 40.24%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TCBK shares. DA Davidson raised their target price on TriCo Bancshares from $41.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Piper Sandler boosted their target price on shares of TriCo Bancshares from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $48.00 target price (up from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Janney Montgomery Scott reissued a “neutral” rating on shares of TriCo Bancshares in a report on Friday, July 26th. Finally, Stephens increased their price objective on 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.80.

Insider Buying and Selling at TriCo Bancshares

In other news, Director Michael W. Koehnen sold 1,400 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total value of $63,280.00. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $135,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Cory W. Giese sold 3,465 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $43.11, for a total value of $149,376.15. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael W. Koehnen sold 1,400 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total value of $63,280.00. Following the sale, the director now owns 3,000 shares in the company, valued at $135,600. The disclosure for this sale can be found here. Company insiders own 4.64% of the company’s stock.

Hedge Funds Weigh In On TriCo Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC raised its holdings in shares of TriCo Bancshares by 470.9% in the fourth quarter. Quadrant Capital Group LLC now owns 942 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 777 shares during the last quarter. SG Americas Securities LLC raised its stake in 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 purchasing an additional 287 shares in the last quarter. ProShare Advisors LLC raised its position in shares of TriCo Bancshares by 8.5% in the first quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider’s stock valued at $205,000 after buying an additional 439 shares in the last quarter. Quantbot Technologies LP acquired a new stake in TriCo Bancshares during the first quarter worth approximately $227,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew 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 in the last quarter. 59.11% of the stock is owned by institutional investors.

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.