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

TriCo Bancshares (NASDAQ:TCBK) declared a quarterly dividend on Monday, February 24th, Wall Street Journal reports. Shareholders 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 of this dividend is Friday, March 7th.

TriCo Bancshares has increased its dividend by an average of 9.7% annually over the last three years and has increased its dividend every year for the last 12 years. TriCo Bancshares has a dividend payout ratio of 36.1% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Down 1.0 %

Shares of NASDAQ TCBK opened at $43.63 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.86 and a current ratio of 0.86. TriCo Bancshares has a 52 week low of $31.73 and a 52 week high of $51.06. The stock has a market capitalization of $1.44 billion, a P/E ratio of 12.61 and a beta of 0.57. The stock’s fifty day moving average is $43.81 and its 200 day moving average is $44.43.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and raised their price target for the stock from $50.00 to $53.00 in a research report on Tuesday, November 12th. Keefe, Bruyette & Woods reduced their price objective on TriCo Bancshares from $53.00 to $50.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 28th. Stephens reduced their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Finally, Piper Sandler reduced their price objective on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, TriCo Bancshares has an average rating of “Hold” and a consensus target price of $50.75.

Insider Activity

In other news, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $49.47, for a total transaction of $252,297.00. Following the sale, the director now directly owns 6,128 shares of the company’s stock, valued at approximately $303,152.16. This trade represents a 45.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.64% 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.