Short Interest in TriCo Bancshares (NASDAQ:TCBK) Increases By 28.7%

TriCo Bancshares (NASDAQ:TCBK) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totalling 558,000 shares, an increase of 28.7% from the June 30th total of 433,500 shares. Based on an average daily volume of 119,400 shares, the days-to-cover ratio is presently 4.7 days.

TriCo Bancshares Price Performance

NASDAQ:TCBK traded down $0.78 during trading hours on Monday, hitting $46.84. 221,297 shares of the stock traded hands, compared to its average volume of 120,397. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 14.22 and a beta of 0.56. TriCo Bancshares has a 1 year low of $29.38 and a 1 year high of $48.80. The stock has a 50 day moving average price of $39.40 and a 200 day moving average price of $36.95. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.42.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.02. TriCo Bancshares had a net margin of 21.63% and a return on equity of 10.03%. The company had revenue of $131.19 million during the quarter, compared to the consensus estimate of $99.50 million. Sell-side analysts forecast that TriCo Bancshares will post 3.24 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Friday, June 7th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 40.24%.

Wall Street Analysts Forecast Growth

Several analysts have commented on TCBK shares. StockNews.com upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, April 30th. Janney Montgomery Scott reiterated a “neutral” rating on shares of TriCo Bancshares in a report on Friday. Stephens upped their target price on shares of TriCo Bancshares from $43.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday. DA Davidson lifted their price target on shares of TriCo Bancshares from $41.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a research report on Monday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, TriCo Bancshares has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

Insider Transactions at TriCo Bancshares

In other news, EVP Craig B. Carney sold 757 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $38.00, for a total transaction of $28,766.00. Following the completion of the transaction, the executive vice president now directly owns 32,325 shares in the company, valued at $1,228,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On TriCo Bancshares

Institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC raised its holdings in shares of TriCo Bancshares by 124.6% during the 4th quarter. Lindbrook Capital LLC now owns 793 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 440 shares in the last quarter. Quadrant Capital Group LLC lifted its position in TriCo Bancshares by 470.9% during the fourth quarter. Quadrant Capital Group LLC now owns 942 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 777 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of TriCo Bancshares by 8.2% in the 1st quarter. SG Americas Securities LLC now owns 3,788 shares of the financial services provider’s stock worth $139,000 after buying an additional 287 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of TriCo Bancshares by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the financial services provider’s stock worth $205,000 after buying an additional 439 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of TriCo Bancshares during the 1st quarter valued at about $227,000. 59.11% of the stock is owned by hedge funds and other institutional investors.

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.