Bank of America Corp DE Raises Stock Holdings in Trinity Capital Inc. $TRIN

Key Points

• Bank of America increased its Trinity Capital stake by 57.7% in the first quarter, owning 190,166 shares worth approximately $2.8 million. Institutional investors and hedge funds collectively hold 24.62% of TRIN.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $16.67, despite Trinity Capital slightly missing quarterly earnings and revenue estimates.
• Trinity Capital declared a monthly dividend of $0.17 per share, representing a reported 10.9% annualized yield; CEO Kyle Steven Brown also purchased 2,296 shares at an average price of $18.04.

Bank of America Corp DE boosted its holdings in shares of Trinity Capital Inc. (NASDAQ:TRIN - Free Report) by 57.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 190,166 shares of the company's stock after purchasing an additional 69,586 shares during the quarter. Bank of America Corp DE owned approximately 0.21% of Trinity Capital worth $2,797,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. bought a new position in Trinity Capital during the 4th quarter valued at $25,000. Sunbelt Securities Inc. acquired a new stake in Trinity Capital during the first quarter valued at approximately $37,000. Fifth Third Bancorp bought a new position in Trinity Capital during the 1st quarter worth approximately $37,000. JPMorgan Chase & Co. bought a new position in Trinity Capital during the 2nd quarter worth approximately $54,000. Finally, Allworth Financial LP grew its position in shares of Trinity Capital by 54.5% in the 4th quarter. Allworth Financial LP now owns 6,040 shares of the company's stock worth $88,000 after acquiring an additional 2,131 shares in the last quarter. 24.62% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on TRIN shares. Keefe, Bruyette & Woods lifted their price objective on shares of Trinity Capital from $16.00 to $16.50 and gave the stock a "market perform" rating in a report on Thursday, August 6th. Wells Fargo & Company lifted their price target on shares of Trinity Capital from $13.50 to $15.00 and gave the company an "underweight" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Trinity Capital has a consensus rating of "Moderate Buy" and a consensus target price of $16.67.

Trinity Capital Stock Performance

Shares of TRIN opened at $18.64 on Tuesday. The firm has a fifty day moving average of $17.83 and a 200-day moving average of $16.53. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 9.86 and a beta of 0.61. Trinity Capital Inc. has a 1 year low of $14.13 and a 1 year high of $18.90.

Trinity Capital (NASDAQ:TRIN - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The firm had revenue of $87.17 million during the quarter, compared to analyst estimates of $91.44 million. Trinity Capital had a return on equity of 14.94% and a net margin of 43.45%. Analysts predict that Trinity Capital Inc. will post 2.1 EPS for the current year.

Trinity Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.17 per share. This represents a c) dividend on an annualized basis and a dividend yield of 10.9%. The ex-dividend date of this dividend is Thursday, September 10th. Trinity Capital's dividend payout ratio (DPR) is 116.57%.

Insiders Place Their Bets

In related news, CEO Kyle Steven Brown acquired 2,296 shares of Trinity Capital stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average price of $18.04 per share, with a total value of $41,419.84. Following the completion of the acquisition, the chief executive officer directly owned 612,262 shares of the company's stock, valued at $11,045,206.48. This trade represents a 0.38% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.25% of the stock is owned by insiders.

Trinity Capital Profile

Trinity Capital Corporation NASDAQ: TRIN is a publicly traded business development company that provides flexible financing solutions to venture-backed and growth-stage companies. As a venture lender, Trinity Capital offers customized capital structures, including secured debt and equity co-investment, designed to support companies that have progressed beyond early-stage funding but still require non-dilutive growth capital.

The company focuses its investments on technology-driven sectors such as software, fintech, healthcare, life sciences and cleantech.

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