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

TriCo Bancshares (NASDAQ:TCBK) saw a significant decrease in short interest in February. As of February 28th, there was short interest totalling 297,800 shares, a decrease of 28.6% from the February 13th total of 417,100 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average trading volume of 111,200 shares, the short-interest ratio is presently 2.7 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in TriCo Bancshares in the third quarter valued at $28,000. Sterling Capital Management LLC lifted its stake in TriCo Bancshares by 800.0% in the fourth quarter. Sterling Capital Management LLC now owns 1,008 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 896 shares during the last quarter. Aquatic Capital Management LLC lifted its stake in TriCo Bancshares by 129.5% in the fourth quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 1,295 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in TriCo Bancshares in the third quarter valued at $114,000. Finally, Quantbot Technologies LP acquired a new stake in TriCo Bancshares in the third quarter valued at $129,000. Institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Stock Up 1.4 %

TriCo Bancshares stock opened at $41.26 on Monday. The company has a market cap of $1.36 billion, a P/E ratio of 11.92 and a beta of 0.55. TriCo Bancshares has a 1-year low of $31.73 and a 1-year high of $51.06. The company has a fifty day simple moving average of $43.20 and a 200 day simple moving average of $44.32. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.30.

TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.09. TriCo Bancshares had a net margin of 21.63% and a return on equity of 9.63%. Research analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Friday, March 7th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 38.15%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods lowered their price objective on shares of TriCo Bancshares from $53.00 to $50.00 and set a “market perform” rating for the company in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.75.

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.