Alliancebernstein L.P. reduced its position in shares of Triumph Bancorp, Inc. (NASDAQ:TBK) by 75.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,802 shares of the financial services provider’s stock after selling 116,430 shares during the period. Alliancebernstein L.P. owned 0.21% of Triumph Bancorp worth $975,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TBK. Dynamic Technology Lab Private Ltd acquired a new position in Triumph Bancorp during the first quarter worth $295,000. American International Group Inc. boosted its stake in shares of Triumph Bancorp by 7.0% in the first quarter. American International Group Inc. now owns 9,519 shares of the financial services provider’s stock worth $246,000 after buying an additional 624 shares in the last quarter. Martingale Asset Management L P purchased a new stake in shares of Triumph Bancorp during the first quarter worth approximately $499,000. Nine Chapters Capital Management LLC purchased a new stake in shares of Triumph Bancorp during the first quarter worth approximately $201,000. Finally, Hodges Capital Management Inc. boosted its stake in shares of Triumph Bancorp by 4.7% in the first quarter. Hodges Capital Management Inc. now owns 132,450 shares of the financial services provider’s stock worth $3,417,000 after buying an additional 5,950 shares in the last quarter. 45.28% of the stock is owned by institutional investors and hedge funds.
Shares of Triumph Bancorp, Inc. (NASDAQ TBK) opened at 27.35 on Friday. The firm has a 50-day moving average of $26.99 and a 200 day moving average of $25.15. Triumph Bancorp, Inc. has a 52 week low of $17.70 and a 52 week high of $29.25. The firm has a market cap of $493.09 million, a PE ratio of 16.43 and a beta of 0.78.
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TBK has been the subject of a number of recent analyst reports. Piper Jaffray Companies cut shares of Triumph Bancorp from an “overweight” rating to a “neutral” rating and set a $24.00 price target for the company. in a research note on Monday, April 24th. Zacks Investment Research upgraded shares of Triumph Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 21st. Wells Fargo & Company upgraded shares of Triumph Bancorp from a “market perform” rating to an “outperform” rating and set a $27.00 price target for the company in a research note on Friday, May 26th. TheStreet upgraded shares of Triumph Bancorp from a “c” rating to a “b” rating in a research note on Wednesday, May 17th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $33.00 target price on shares of Triumph Bancorp in a research note on Wednesday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $30.00.
In related news, Director Charles A. Anderson acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average cost of $27.66 per share, for a total transaction of $55,320.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 12.35% of the company’s stock.
About Triumph Bancorp
Triumph Bancorp, Inc is a financial holding company. Through its bank subsidiary, TBK Bank, SSB (TBK Bank), the Company offers traditional banking services, as well as commercial finance products. The Company operates through four segments: Banking, Factoring, Asset Management and Corporate. The Factoring segment includes the operations of Triumph Business Capital with revenue derived from factoring services.
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