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

TriCo Bancshares (NASDAQ:TCBK) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Shareholders of record on Friday, December 6th will be given a dividend of 0.33 per share by the financial services provider on Friday, December 20th. This represents a $1.32 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, December 6th.

TriCo Bancshares has increased its dividend payment by an average of 10.9% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. TriCo Bancshares has a dividend payout ratio of 39.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect TriCo Bancshares to earn $3.32 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 39.8%.

TriCo Bancshares Stock Performance

Shares of NASDAQ:TCBK opened at $47.84 on Wednesday. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 14.24 and a beta of 0.56. The business’s fifty day moving average price is $45.00 and its two-hundred day moving average price is $42.57. TriCo Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $51.06. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a net margin of 21.12% and a return on equity of 9.45%. The business had revenue of $133.84 million during the quarter, compared to analysts’ expectations of $98.65 million. As a group, analysts predict that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TCBK. DA Davidson cut TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their price target for the company from $50.00 to $53.00 in a report on Tuesday, November 12th. Piper Sandler lowered their price target on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, Stephens dropped their price objective on shares of TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, TriCo Bancshares has an average rating of “Hold” and a consensus price target of $48.20.

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.