TriCo Bancshares (NASDAQ: TCBK) Short Interest Update

TriCo Bancshares (NASDAQ:TCBK) experienced a significant rise in short interest for December. As of December 15, short interest rose to 283,600 shares, marking a 23.3% increase from the November 30 total of 230,100 shares. With an average daily trading volume of 113,800 shares, this results in a short-interest ratio of 2.5 days.

TriCo Bancshares Stock Decline

On Friday, TriCo Bancshares shares saw a decline of 1.2%, dropping by $0.52 to reach $44.03. The trading volume for the day was 171,601 shares, which is higher than the average of 118,275 shares. The company currently holds a market capitalization of $1.45 billion, a price-to-earnings (P/E) ratio of 13.10, and a beta of 0.56. Over the past year, the stock has seen a low of $31.73 and a high of $51.06, along with a debt-to-equity ratio of 0.30. The current and quick ratios are both at 0.86. The stock's 50-day moving average stands at $46.39, and the 200-day moving average is $43.70.

Quarterly Earnings Report

TriCo Bancshares released their quarterly earnings data on October 24. The company reported earnings per share (EPS) of $0.88, exceeding the consensus estimate of $0.82 by $0.06. The revenue during this quarter amounted to $133.84 million, significantly above analyst expectations of $98.65 million. The company also achieved a net margin of 21.12% and a return on equity of 9.45%. Analysts project that TriCo Bancshares will report an EPS of 3.38 for the current year.

Dividend Announcement

The company has announced a quarterly dividend, paid on December 20. Shareholders on record as of December 6 received a dividend of $0.33, equating to an annualized dividend of $1.32, yielding 3.00%. The ex-dividend date was December 6. TriCo Bancshares maintains a payout ratio of 39.29%.

Insider Trading Activity

In recent developments, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares on December 11 at an average price of $49.47, totaling $252,297. Following this transaction, the director holds 6,128 shares of the company valued at approximately $303,152.16. This sale reduced their position by 45.42%. Insider ownership of the stock is currently 4.64%.

Institutional Investment Changes

Several hedge funds have recently adjusted their stakes in TCBK. Point72 Asia Singapore Pte. Ltd. acquired a new stake valued at roughly $28,000 in the third quarter. Other institutional investments include Point72 DIFC Ltd, which invested $114,000; Quantbot Technologies LP with an investment of $129,000; and Connor Clark & Lunn Investment Management Ltd., which purchased $210,000 worth of shares. Additionally, Y Intercept Hong Kong Ltd acquired shares valued at $259,000. Institutions together own 59.11% of the company’s shares.

Brokerage Ratings

Brokerage firms have provided varying ratings for TriCo Bancshares. DA Davidson has downgraded the stock from a "buy" to a "neutral" rating, adjusting the price target from $50.00 to $53.00. Piper Sandler has lowered their price target from $53.00 to $50.00 while maintaining an "overweight" rating. Lastly, Stephens has also reduced their target from $52.00 to $50.00, keeping an "overweight" assessment. Currently, four analysts have rated the stock as "hold," while three have given it a "buy" rating. The consensus rating is a "Hold" with an average price target of $48.20.

Company Overview

TriCo Bancshares serves as the bank holding company for Tri Counties Bank, offering a range of commercial banking services to both individual and corporate clients. The company caters to various banking needs, accepting demand, savings, and time deposits, and provides numerous loan options, including small business, mortgage, consumer, and commercial loans, which include agricultural loans.

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