Aaron P. Graft, President and CEO of Triumph Financial, Inc. (NASDAQ:TFIN), recently sold 13,500 shares of the company's common stock. The shares were sold at an average price of $106.36, bringing the total transaction value to approximately $1.44 million. The sale occurred as TFIN shares trade near their 52-week high of $110.58, having delivered impressive returns of over 51% in the past year. According to InvestingPro analysis, the stock currently appears overvalued, trading at a P/E ratio of 130. Following this transaction, Graft retains direct ownership of 151,533 shares. Additionally, he has indirect ownership of 3,315 shares through his spouse's account. InvestingPro subscribers can access 12 additional investment tips and a comprehensive Pro Research Report for TFIN, one of 1,400+ stocks covered in-depth on the platform.
In other recent news, Triumph Financial has announced plans to redeem its outstanding $39.5 million 4.875% Fixed-to-Floating Rate Subordinated Notes due 2029. The redemption, scheduled for November 27, 2024, will be conducted at a cash price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest. This decision was disclosed in a Form 8-K filed with the Securities and Exchange Commission.
In addition to this, Triumph Financial reported a significant 30% year-over-year revenue growth for its TriumphPay platform, despite ongoing challenges in the freight market. The company has also launched TriumphPay with C.H. Robinson, expecting substantial volume integration by the first quarter of 2025. The introduction of the NextGen Audit product, aimed at enhancing invoice validation and processing times, was also announced.
Furthermore, Triumph Financial anticipates network transaction growth in the fourth quarter of 2023 and throughout 2025. The company is also preparing to roll out small dollar advances and other features for its LoadPay platform in 2025. Lastly, the company reported strong growth in non-interest-bearing deposits, particularly from mortgage warehouse servicing. These are the recent developments regarding Triumph Financial.
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