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

TriCo Bancshares (NASDAQ:TCBK) was the target of a significant drop in short interest during 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 trading volume of 105,500 shares, the short-interest ratio is currently 3.2 days.

TriCo Bancshares Trading Down 1.1 %

TriCo Bancshares stock traded down $0.54 during trading hours on Friday, reaching $48.34. The stock had a trading volume of 109,695 shares, compared to its average volume of 116,982. The company has a fifty day simple moving average of $44.78 and a 200-day simple moving average of $42.38. TriCo Bancshares has a 52 week low of $31.73 and a 52 week high of $51.06. The stock has a market cap of $1.60 billion, a PE ratio of 14.39 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last posted its 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. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The company had revenue of $133.84 million for the quarter, compared to analysts’ expectations of $98.65 million. Analysts forecast that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.33 per share. 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 dividend payout ratio (DPR) is presently 39.29%.

Wall Street Analysts Forecast Growth

TCBK has been the subject of several recent research reports. Stephens lowered their price target on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Piper Sandler lowered their target price on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and increased their target price for the company from $50.00 to $53.00 in a report on Tuesday, November 12th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.20.

Hedge Funds Weigh In On TriCo Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. raised its stake in TriCo Bancshares by 839.2% in the third quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock worth $5,577,000 after buying an additional 116,838 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of TriCo Bancshares by 27.3% during the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock worth $15,975,000 after acquiring an additional 86,689 shares during the period. Dimensional Fund Advisors LP raised its position in shares of TriCo Bancshares by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock worth $59,471,000 after acquiring an additional 50,358 shares in the last quarter. Barclays PLC lifted its stake in shares of TriCo Bancshares by 127.0% in the 3rd quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock valued at $2,468,000 after purchasing an additional 32,379 shares during the period. Finally, Hantz Financial Services Inc. bought a new stake in shares of TriCo Bancshares during the second quarter valued at approximately $1,002,000. Institutional investors own 59.11% of the company’s stock.

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.