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

TriCo Bancshares (NASDAQ:TCBK) saw a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 297,800 shares, a drop of 28.6% from the February 13th total of 417,100 shares. Based on an average daily trading volume, of 111,200 shares, the days-to-cover ratio is presently 2.7 days. Approximately 0.9% of the shares of the company are sold short.

TriCo Bancshares Stock Performance

NASDAQ TCBK opened at $41.26 on Monday. TriCo Bancshares has a 52-week low of $31.73 and a 52-week high of $51.06. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a 50-day moving average of $43.20 and a 200-day moving average of $44.32. The stock has a market cap of $1.36 billion, a PE ratio of 11.92 and a beta of 0.55.

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

TriCo Bancshares Announces Dividend

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

Analysts Set New Price Targets

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

Institutional Trading of TriCo Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in TriCo Bancshares in the 3rd quarter worth about $28,000. Sterling Capital Management LLC raised its stake in TriCo Bancshares by 800.0% in the 4th quarter. Sterling Capital Management LLC now owns 1,008 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 896 shares in the last quarter. Aquatic Capital Management LLC increased its holdings in TriCo Bancshares by 129.5% in the 4th quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider’s stock valued at $100,000 after buying an additional 1,295 shares during the period. Point72 DIFC Ltd bought a new position in TriCo Bancshares in the 3rd quarter valued at about $114,000. Finally, Public Employees Retirement System of Ohio increased its holdings in TriCo Bancshares by 591.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,951 shares of the financial services provider’s stock valued at $129,000 after buying an additional 2,524 shares during the period. Institutional investors and hedge funds own 59.11% of the company’s stock.

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.