Trinity Capital (NASDAQ:TRIN) Sees Large Volume Increase After Dividend Announcement

Trinity Capital Inc. (NASDAQ:TRIN) saw unusually-strong trading volume on Thursday following a dividend announcement from the company. Approximately 2,499,734 shares traded hands during trading, an increase of 291% from the previous session’s volume of 638,840 shares.The stock last traded at $16.18 and had previously closed at $16.09.

The newly announced dividend which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 12.5%. The ex-dividend date is Tuesday, September 30th. Trinity Capital’s dividend payout ratio is presently 91.48%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TRIN shares. UBS Group increased their target price on Trinity Capital from $17.00 to $17.50 and gave the stock a “buy” rating in a report on Wednesday, July 16th. B. Riley increased their target price on Trinity Capital from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company restated an “underweight” rating and set a $13.50 target price (up previously from $13.00) on shares of Trinity Capital in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $15.75.

Trinity Capital Stock Up 1.1%

The firm has a fifty day moving average of $15.60 and a 200-day moving average of $15.03. The firm has a market cap of $1.14 billion, a P/E ratio of 7.30 and a beta of 0.54.

Trinity Capital (NASDAQ:TRIN) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $69.48 million for the quarter, compared to analysts’ expectations of $68.84 million. Trinity Capital had a return on equity of 15.72% and a net margin of 51.88%. Sell-side analysts anticipate that Trinity Capital Inc. will post 2.06 EPS for the current year.

Insider Activity

In other news, Director Ronald E. Estes purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were acquired at an average price of $16.07 per share, for a total transaction of $32,140.00. Following the completion of the acquisition, the director directly owned 35,779 shares in the company, valued at approximately $574,968.53. The trade was a 5.92% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kyle Steven Brown purchased 3,200 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $15.78 per share, for a total transaction of $50,496.00. Following the acquisition, the chief executive officer owned 1,006,300 shares of the company’s stock, valued at $15,879,414. The trade was a 0.32% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 7,200 shares of company stock worth $114,856. 5.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Trinity Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. bought a new position in Trinity Capital during the second quarter worth about $32,000. Farther Finance Advisors LLC bought a new position in Trinity Capital during the first quarter worth about $38,000. PNC Financial Services Group Inc. bought a new position in Trinity Capital during the first quarter worth about $45,000. Allworth Financial LP bought a new position in Trinity Capital during the second quarter worth about $53,000. Finally, JPMorgan Chase & Co. bought a new position in Trinity Capital during the second quarter worth about $54,000. Institutional investors own 24.62% of the company’s stock.

Trinity Capital Company Profile

Trinity Capital Inc is a business development company. It is a venture capital firm specializing in venture debt to growth stage companies looking for loans and/or equipment financing. Trinity Capital Inc was founded in 2019 is based in Phoenix, Arizona with additional offices in the United States.