TriCo Bancshares (NASDAQ:TCBK) Short Interest Update

TriCo Bancshares (NASDAQ:TCBK) has experienced a significant rise in short interest during the month of December. As of December 15th, the total short interest amounted to 283,600 shares, reflecting a 23.3% increase from the previous total of 230,100 shares recorded on November 30th. Given the average daily trading volume of 113,800 shares, the current short-interest ratio stands at 2.5 days.

TriCo Bancshares Stock Performance

On Friday, shares of TCBK saw a decrease of 1.2%, closing down $0.52 at a price of $44.03. The trading volume for the day reached 171,601 shares, surpassing the average volume of 118,275 shares. The company boasts a market capitalization of $1.45 billion with a price-to-earnings ratio of 13.10 and a beta of 0.56. Over the past year, TriCo Bancshares’ stock has fluctuated between a low of $31.73 and a high of $51.06. Financial ratios indicate a debt-to-equity ratio of 0.30, a current ratio of 0.86, and a quick ratio also of 0.86. Furthermore, the 50-day moving average price is noted at $46.39, while the 200-day moving average price is at $43.70.

Recent Earnings Reports

TriCo Bancshares released its quarterly earnings report on October 24th, indicating earnings per share (EPS) of $0.88, which surpassed analysts' expectations of $0.82 by $0.06. The company reported revenues of $133.84 million for the quarter, significantly higher than the anticipated $98.65 million. The net margin for the firm was recorded at 21.12%, alongside a return on equity of 9.45%. Analysts are forecasting an EPS of 3.38 for the current year.

Dividend Announcement

Recently, TriCo Bancshares declared a quarterly dividend, which was paid out on December 20th. Shareholders on record as of December 6th received a dividend of $0.33. This equates to an annualized dividend of $1.32 and a dividend yield of 3.00%. The ex-dividend date was also December 6th, and the company's current payout ratio is 39.29%.

Insider Transactions

In related news, Director Cory W. Giese divested 5,100 shares of TriCo Bancshares on December 11th at an average price of $49.47, totaling approximately $252,297. Following this sale, Giese retains 6,128 shares valued at around $303,152. This transaction represented a significant 45.42% reduction in his holdings.

Institutional Investors' Activity

Several hedge funds have been adjusting their positions in TriCo Bancshares. Point72 Asia Singapore Pte. Ltd. entered a new stake during the third quarter valued at approximately $28,000. Meanwhile, Point72 DIFC Ltd acquired shares worth $114,000, and Quantbot Technologies LP purchased stakes valued at $129,000. Another firm, Connor Clark & Lunn Investment Management Ltd., invested $210,000 during this period, with Y Intercept Hong Kong Ltd. adding a new position worth $259,000. Institutional investors collectively hold 59.11% of the company’s shares.

Analyst Ratings and Price Targets

Wall Street analysts have provided insights into TriCo Bancshares. DA Davidson revised their rating from "buy" to "neutral" while increasing the price target from $50.00 to $53.00. Piper Sandler adjusted their price target downwards from $53.00 to $50.00, maintaining an “overweight” rating. Additionally, Stephens reduced their target from $52.00 to $50.00, also setting an "overweight" rating. Current consensus ratings reveal that four analysts rate the stock as a hold, while three recommend buy positions, giving a consensus price target of approximately $48.20.

Company Overview

TriCo Bancshares serves as the bank holding company for Tri Counties Bank, which provides a variety of commercial banking services to both individual and corporate clients. The bank accepts various deposits, including demand, savings, and time deposits. It also offers a range of loan products, including small business loans, residential and commercial real estate mortgages, consumer loans, and commercial loans crucial for agricultural purposes and real estate construction.

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