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Trico Bancshares (TCBK - Free Report) 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%.
Earlier this week, Red River Bancshares, Inc. (RRBI - Free Report) announced a quarterly cash dividend of 9 cents per share, reflecting a 12.5% increase from the previous payout. This dividend will be paid out on Mar 21, 2024, to shareholders as of record on Mar 11.
Prior to this, RRBI had hiked its dividend by 14.3% to 8 cents per share on Feb 23, 2023. It has increased its dividend payout thrice in the past five years.
Earlier this month, WaFd, Inc. (WAFD - Free Report) announced a quarterly cash dividend of 26 cents per share, marking an increase of 4% from the prior payout. This dividend will be paid out on Mar 8, 2024, to shareholders of record as of Feb 23.
Prior to this, WAFD had hiked its dividend by 4.2% to 25 cents per share on Mar 10, 2023. The company has increased its dividend payout six times in the past five years.
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Trico Bancshares (TCBK) Announces 10% Quarterly Dividend Hike
Trico Bancshares (TCBK - Free Report) 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%.
Image Source: Zacks Investment Research
Currently, TCBK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks Taking Similar Steps
Earlier this week, Red River Bancshares, Inc. (RRBI - Free Report) announced a quarterly cash dividend of 9 cents per share, reflecting a 12.5% increase from the previous payout. This dividend will be paid out on Mar 21, 2024, to shareholders as of record on Mar 11.
Prior to this, RRBI had hiked its dividend by 14.3% to 8 cents per share on Feb 23, 2023. It has increased its dividend payout thrice in the past five years.
Earlier this month, WaFd, Inc. (WAFD - Free Report) announced a quarterly cash dividend of 26 cents per share, marking an increase of 4% from the prior payout. This dividend will be paid out on Mar 8, 2024, to shareholders of record as of Feb 23.
Prior to this, WAFD had hiked its dividend by 4.2% to 25 cents per share on Mar 10, 2023. The company has increased its dividend payout six times in the past five years.