Published on 27 Feb 2024 on Zacks via Yahoo Finance
Trico Bancshares (TCBK) Announces 10% Quarterly Dividend Hike
Trico Bancshares TCBK announced a quarterly cash dividend of 33 cents per share, which reflects a 10% increase from the preceding payout. This dividend will be paid out on Mar 22, 2024, to shareholders of record as of Mar 8.Prior to this, TCBK had raised its dividend by 20% to 30 cents per share on Aug 29, 2022. It has increased its dividend payout four times in the past five years. The company has a five-year annualized dividend growth rate of 10.39%. Currently, TCBK's payout ratio is 34% of its earnings.Richard Smith, president and CEO of the company, said, “Not only does this dividend reflect an increase of 10% over the prior quarter, since 1989 the Company has consistently paid a quarterly cash dividend with this representing our 138th consecutive quarterly payment, which is reflective of the Company's strength, stability and our commitment to building shareholder value for nearly 50 years.”Based on its closing price of $33.30 on Feb 26, 2024, Trico Bancshares currently has an annual dividend yield of 3.69%.Additionally, the company has an ongoing share repurchase program. The plan was announced in March 2021, authorizing the company to repurchase up to 2 million shares. As of Dec 31, 2023, approximately 1.2 million shares remained available.Trico Bancshares had total deposits of $7.8 billion, total loans of 6.79 billion, and cash and cash equivalents (comprising cash and due from banks) of $98.7 million as of Dec 31, 2023. The CET1 capital ratio was 12.2% on the same date. TCBK has decent liquidity and a strong balance sheet position, which is likely to help it maintain its capital distribution plans.In the past six months, shares of TCBK have lost 4.7% against the industry’s growth of 10.2%.
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