TriCo (TCBK) Stock Jumps 6.3%: Will It Continue to Soar?

TriCo (TCBK) shares soared 6.3% in the last trading session to close at $35.14. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.9% loss over the past four weeks.

After getting hammered because of industry-wide concern related to commercial real estate (CRE) loans, shares of TriCo reversed the trend. With the company having manageable exposure to CRE loans, investors seem to be regained confidence in the stock/ This, along with the Federal Reserve’s signal of interest rate cuts this year, turned investors bullish on the TCBK stock.

This holding company for Tri Counties Bank is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -24.3%. Revenues are expected to be $99.5 million, down 7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For TriCo, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TCBK going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

TriCo belongs to the Zacks Banks - West industry. Another stock from the same industry, Central Valley Community Bancorp (CVCY), closed the last trading session 0.8% higher at $18.69. Over the past month, CVCY has returned 1.4%.

Central Valley Community Bancorp's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.46. Compared to the company's year-ago EPS, this represents a change of -22%. Central Valley Community Bancorp currently boasts a Zacks Rank of #3 (Hold).

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TriCo Bancshares (TCBK) : Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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