TriCo Bancshares (NASDAQ:TCBK) to Issue $0.33 Quarterly Dividend

TriCo Bancshares (NASDAQ:TCBK) announced a quarterly dividend on Monday, February 24th, Wall Street Journal reports. Investors of record on Friday, March 7th will be given a dividend of 0.33 per share by the financial services provider on Friday, March 21st. This represents a $1.32 annualized dividend and a yield of 3.03%. The ex-dividend date is Friday, March 7th.

TriCo Bancshares has raised its dividend payment by an average of 9.7% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. TriCo Bancshares has a dividend payout ratio of 36.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect TriCo Bancshares to earn $3.67 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 36.0%.

TriCo Bancshares Price Performance

Shares of NASDAQ TCBK traded down $0.42 during mid-day trading on Monday, reaching $43.63. 120,031 shares of the company traded hands, compared to its average volume of 98,587. The firm has a market cap of $1.44 billion, a PE ratio of 12.61 and a beta of 0.57. 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 has a fifty-two week low of $31.73 and a fifty-two week high of $51.06. The stock has a fifty day simple moving average of $43.90 and a 200-day simple moving average of $44.42.

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

Insider Buying and Selling

In related news, Director Cory W. Giese sold 5,100 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total value of $252,297.00. Following the completion of the sale, the director now directly owns 6,128 shares of the company’s stock, valued at approximately $303,152.16. This represents a 45.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TCBK. Piper Sandler lowered their price objective on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Keefe, Bruyette & Woods dropped their price target on TriCo Bancshares from $53.00 to $50.00 and set a “market perform” rating on the stock in a report on Tuesday, January 28th. DA Davidson lowered TriCo Bancshares from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $50.00 to $53.00 in a research note on Tuesday, November 12th. Finally, Stephens cut their target price on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.75.

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.