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

TriCo Bancshares (NASDAQ:TCBK) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 338,500 shares, a decrease 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.

TriCo Bancshares Stock Performance

TriCo Bancshares stock opened at $48.34 on Friday. TriCo Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $51.06. The firm’s fifty day moving average price is $44.78 and its 200-day moving average price is $42.38. The stock has a market cap of $1.60 billion, a P/E ratio of 14.39 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results 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. The firm had revenue of $133.84 million during the quarter, compared to analyst estimates of $98.65 million. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. On average, equities research analysts expect that TriCo Bancshares will post 3.38 earnings per share for the current fiscal year.

TriCo Bancshares Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. DA Davidson cut shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and upped their price target for the stock from $50.00 to $53.00 in a report on Tuesday, November 12th. Finally, Stephens dropped their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Four research 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 company currently has a consensus rating of “Hold” and an average target price of $48.20.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TCBK. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of TriCo Bancshares in the 3rd quarter valued at $28,000. Point72 DIFC Ltd purchased a new position in TriCo Bancshares in the 3rd quarter worth approximately $114,000. Quantbot Technologies LP purchased a new position in TriCo Bancshares in the 3rd quarter worth approximately $129,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of TriCo Bancshares during the third quarter valued at approximately $210,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of TriCo Bancshares in the third quarter worth approximately $259,000. 59.11% of the stock is owned by hedge funds and other 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.