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

TriCo Bancshares (NASDAQ:TCBK) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Friday, March 7th will be paid 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 3.15%. The ex-dividend date is Friday, March 7th.

TriCo Bancshares has raised 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 payout ratio of 36.1% meaning its dividend is sufficiently covered by earnings. Equities 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 3.1 %

Shares of TriCo Bancshares stock opened at $41.97 on Wednesday. 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 has a 1 year low of $31.73 and a 1 year high of $51.06. The firm’s 50-day moving average is $43.69 and its two-hundred day moving average is $44.49. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 12.13 and a beta of 0.57.

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

Insider Activity

In related news, Director Cory W. Giese sold 5,100 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 in the company, valued at approximately $303,152.16. This represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.64% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on TCBK shares. DA Davidson cut shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $50.00 to $53.00 in a research note on Tuesday, November 12th. Keefe, Bruyette & Woods lowered their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set a “market perform” rating for the company in a research note on Tuesday, January 28th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $50.75.

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.