TriCo Bancshares (NASDAQ:TCBK) Announces $0.30 Quarterly Dividend

TriCo Bancshares (NASDAQ:TCBKGet Rating) announced a quarterly dividend on Monday, November 21st, Zacks reports. Investors of record on Friday, December 9th will be given a dividend of 0.30 per share by the financial services provider on Friday, December 23rd. This represents a $1.20 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Thursday, December 8th.

TriCo Bancshares has increased its dividend payment by an average of 12.6% annually over the last three years and has increased its dividend every year for the last 2 years. TriCo Bancshares has a dividend payout ratio of 25.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect TriCo Bancshares to earn $4.64 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 25.9%.

TriCo Bancshares Stock Performance

TCBK stock opened at $53.56 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market cap of $1.79 billion, a P/E ratio of 14.63 and a beta of 0.60. The firm has a 50 day simple moving average of $51.17 and a 200 day simple moving average of $47.72. TriCo Bancshares has a 52 week low of $37.41 and a 52 week high of $58.62.

Wall Street Analysts Forecast Growth

TCBK has been the subject of a number of analyst reports. Piper Sandler lifted their target price on shares of TriCo Bancshares to $67.00 in a research note on Tuesday, November 1st. Raymond James lifted their price target on shares of TriCo Bancshares from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, October 27th. DA Davidson lifted their price target on shares of TriCo Bancshares to $62.00 in a research report on Thursday, October 27th. StockNews.com initiated coverage on shares of TriCo Bancshares in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Stephens lifted their price target on shares of TriCo Bancshares to $60.00 in a research report on Friday, November 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.80.

Institutional Trading of TriCo Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in TCBK. Alliancebernstein L.P. raised its holdings in TriCo Bancshares by 14.8% during the 3rd quarter. Alliancebernstein L.P. now owns 932,965 shares of the financial services provider’s stock worth $41,657,000 after purchasing an additional 120,568 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in TriCo Bancshares by 9.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 939,637 shares of the financial services provider’s stock worth $37,614,000 after acquiring an additional 84,055 shares during the last quarter. State Street Corp boosted its holdings in shares of TriCo Bancshares by 9.1% in the 1st quarter. State Street Corp now owns 817,166 shares of the financial services provider’s stock valued at $32,711,000 after buying an additional 67,917 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of TriCo Bancshares by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 1,418,186 shares of the financial services provider’s stock valued at $56,770,000 after buying an additional 52,760 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of TriCo Bancshares by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,269,618 shares of the financial services provider’s stock valued at $50,824,000 after buying an additional 35,630 shares during the last quarter. 61.13% of the stock is owned by institutional investors.

About TriCo Bancshares

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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; commercial loans, including agricultural loans; and real estate construction loans.

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Dividend History for TriCo Bancshares (NASDAQ:TCBK)

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