FY2024 EPS Estimates for TriCo Bancshares (NASDAQ:TCBK) Reduced by DA Davidson

TriCo Bancshares (NASDAQ:TCBK) – Equities research analysts at DA Davidson dropped their FY2024 EPS estimates for shares of TriCo Bancshares in a report issued on Monday, April 29th. DA Davidson analyst J. Rulis now forecasts that the financial services provider will post earnings of $3.25 per share for the year, down from their prior forecast of $3.55. DA Davidson has a “Buy” rating and a $45.00 price objective on the stock. The consensus estimate for TriCo Bancshares’ current full-year earnings is $3.26 per share.

A number of other equities research analysts have also weighed in on TCBK. Keefe, Bruyette & Woods cut their price objective on TriCo Bancshares from $44.00 to $42.00 and set a “market perform” rating on the stock in a research report on Friday, January 26th. Raymond James raised their price objective on TriCo Bancshares from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Finally, StockNews.com raised shares of TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.00.

TriCo Bancshares Price Performance

Shares of TriCo Bancshares stock opened at $35.69 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.87. TriCo Bancshares has a one year low of $28.66 and a one year high of $45.84. The business’s 50 day simple moving average is $34.30 and its two-hundred day simple moving average is $36.21. The stock has a market capitalization of $1.18 billion, a P/E ratio of 10.88 and a beta of 0.53.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $99.50 million.

TriCo Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Thursday, March 7th. This is an increase from TriCo Bancshares’s previous quarterly dividend of $0.30. TriCo Bancshares’s dividend payout ratio is currently 40.24%.

Institutional Trading of TriCo Bancshares

Several institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in TriCo Bancshares during the 3rd quarter valued at about $350,000. Bank of New York Mellon Corp lifted its position in TriCo Bancshares by 1.4% during the third quarter. Bank of New York Mellon Corp now owns 188,351 shares of the financial services provider’s stock valued at $6,033,000 after purchasing an additional 2,675 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 worth $231,000 after purchasing an additional 2,024 shares during the last quarter. Mesirow Institutional Investment Management Inc. grew its position in TriCo Bancshares by 9.2% in the 3rd quarter. Mesirow Institutional Investment Management Inc. now owns 212,196 shares of the financial services provider’s stock worth $6,797,000 after purchasing an additional 17,952 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in TriCo Bancshares during the 3rd quarter valued at $281,000. 59.11% of the stock is currently owned by hedge funds and other 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.