TriCo Bancshares (NASDAQ:TCBK) Short Interest Update

TriCo Bancshares (NASDAQ:TCBK) experienced a notable rise in short interest during December. As of December 15, short interest reached 283,600 shares, marking a significant increase of 23.3% compared to the 230,100 shares recorded on November 30. With an average daily trading volume of 113,800 shares, this results in a short-interest ratio of approximately 2.5 days.

TriCo Bancshares Stock Performance

As of the last trading session, TriCo Bancshares shares fell by 1.2%, ending at $44.03. The trading volume reached 171,601 shares, surpassing the usual average volume of 118,275 shares. The company's market capitalization stands at $1.45 billion, with a price-to-earnings ratio of 13.10 and a beta of 0.56. Over the past year, stock prices have varied between a low of $31.73 and a high of $51.06. Currently, the debt-to-equity ratio is 0.30, while both the current and quick ratios are at 0.86. The 50-day moving average price for the stock is $46.39, while the 200-day moving average stands at $43.70.

Recent Earnings Report

TriCo Bancshares released its quarterly earnings data on October 24. The financial institution reported earnings per share (EPS) of $0.88 for the quarter, exceeding the consensus estimate of $0.82 by $0.06. The company’s revenue reached $133.84 million, significantly higher than the analysts' forecast of $98.65 million. For this period, TriCo Bancshares showcased a net margin of 21.12% and a return on equity of 9.45%. Analysts predict that TriCo Bancshares will achieve an EPS of 3.38 for the current fiscal year.

Dividend Announcement

Additionally, the company recently declared a quarterly dividend of $0.33, which was distributed on December 20. Shareholders who were recorded as of December 6 received this dividend. This translates into an annualized dividend of $1.32, yielding approximately 3.00%. The ex-dividend date was also December 6, and the company currently has a payout ratio of 39.29%.

Insider Trading Activity

In related news, on December 11, Director Cory W. Giese sold 5,100 shares of TriCo Bancshares at an average price of $49.47, totaling approximately $252,297. Following this sale, Giese holds 6,128 shares, valued at around $303,152.16, which represents a significant drop of 45.42% in his holdings. Details of this transaction have been submitted to the Securities and Exchange Commission. It's noteworthy that insiders own 4.64% of the company's stock.

Institutional Stake Movements

Various hedge funds have either increased or decreased their investments in TriCo Bancshares recently. Notably, Point72 Asia Singapore Pte. Ltd. acquired a new stake worth about $28,000. Point72 DIFC Ltd. purchased shares valued at approximately $114,000, while Quantbot Technologies LP acquired a stake worth $129,000. Connor Clark & Lunn Investment Management Ltd. also bought a position valued at $210,000. Lastly, Y Intercept Hong Kong Ltd. secured an investment of about $259,000. Currently, institutional investors hold 59.11% of the company’s shares.

Analyst Outlook

Several brokerages have provided insights on TriCo Bancshares. On November 12, DA Davidson downgraded the stock from a “buy” to a “neutral” rating, raising the price target from $50 to $53. Piper Sandler also modified its price objective from $53 to $50 with an “overweight” rating. Stephens similarly reduced their price target from $52 to $50 while maintaining an “overweight” rating. The current consensus among analysts is a “Hold” rating, with an average price target of $48.20.

Company Overview

TriCo Bancshares operates as the bank holding company for Tri Counties Bank, providing a wide range of commercial banking services to individuals and businesses. Their offerings include demand, savings, and time deposits, as well as various types of loans including small business loans, real estate mortgage loans, consumer loans, and agricultural loans.

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