TriCo Bancshares (NASDAQ:TCBK) Short Interest Update

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) experienced a significant rise in short interest throughout December. As of December 15th, the total short interest reached 283,600 shares, marking a 23.3% increase from the November 30th figure of 230,100 shares. With an average daily trading volume of 113,800 shares, the current short-interest ratio stands at 2.5 days.

Recent Stock Performance

During trading on a recent Friday, shares of TCBK fell by 1.2%, dropping $0.52 to close at $44.03. The trading volume for the day was 171,601 shares, surpassing the average of 118,275 shares. TriCo Bancshares currently has a market capitalization of $1.45 billion, a price-to-earnings ratio of 13.10, and a beta value of 0.56. Over the past year, the stock hit a low of $31.73 and a high of $51.06. Financial metrics include a debt-to-equity ratio of 0.30, and both the current and quick ratios are at 0.86. The stock's 50-day moving average price is noted at $46.39, while the 200-day moving average price is $43.70.

Quarterly Earnings Release

TriCo Bancshares last announced its quarterly earnings on October 24th. For that quarter, the financial services firm reported earnings per share (EPS) of $0.88, which surpassed analysts' expectations of $0.82 by $0.06. The company's revenue totaled $133.84 million, exceeding the anticipated $98.65 million. TriCo Bancshares demonstrated a net margin of 21.12% and a return on equity of 9.45%. Analysts forecast an average EPS of 3.38 for the current year.

Dividend Announcement

In addition, the company disclosed details of a quarterly dividend, which was distributed on December 20th. Shareholders who held stock on December 6th received a dividend of $0.33. This translates to an annual dividend of $1.32, yielding 3.00%. The ex-dividend date was also December 6th, and the company's current payout ratio is 39.29%.

Insider Transactions

In recent insider activity, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares on December 11th at an average price of $49.47, totaling about $252,297. Post-transaction, the director holds 6,128 shares valued at approximately $303,152.16, marking a 45.42% decrease in their stake. This information has been reported in a filing with the Securities and Exchange Commission. Additionally, insiders currently own around 4.64% of the stock.

Institutional Investment Activity

Several hedge funds have modified their positions in TriCo Bancshares recently. For instance, Point72 Asia Singapore Pte. Ltd. acquired a new position valued at approximately $28,000 during the third quarter. Similarly, Point72 DIFC Ltd purchased shares valued at $114,000, and Quantbot Technologies LP also entered with a stake of $129,000. Connor Clark & Lunn Investment Management Ltd. took a position valued at $210,000, while Y Intercept Hong Kong Ltd added shares worth $259,000. Generally, institutional investors hold about 59.11% of TriCo Bancshares' stock.

Analyst Outlook

Brokerage firms have shared mixed sentiments about TriCo Bancshares. Recently, DA Davidson downgraded the stock from a "buy" to a "neutral" rating, increasing the target price from $50.00 to $53.00 on November 12th. Piper Sandler reduced their price objective from $53.00 to $50.00 while maintaining an “overweight” rating. Stephens also decreased the target price from $52.00 to $50.00, sustaining an “overweight” rating. At present, four research analysts recommend a hold on the stock, while three advocate for a buy, leading to an average rating of "Hold" and a consensus price target of $48.20.

Company Overview

TriCo Bancshares Summary

TriCo Bancshares functions as a bank holding company for Tri Counties Bank, delivering commercial banking services to both individual and corporate clients. The bank offers various deposit accounts, small business loans, real estate mortgage loans, consumer loans, and commercial loans, including both residential and agricultural loans.

TriCo, Bancshares, Stocks