Triumph Financial, Inc., a Texas-based state commercial bank, disclosed its financial results for the quarter ending September 30, 2024, today. The announcement was made through a letter to shareholders, which was furnished as part of the company's 8-K filing with the U.S. Securities and Exchange Commission.
The document, which includes non-GAAP financial measures, provides a reconciliation of these measures to the most directly comparable GAAP measures within the shareholder letter. The details of the financial performance were not specified in the provided excerpt of the 8-K filing.
Triumph Financial, formerly known as Triumph Bancorp (NASDAQ:TFIN), Inc., operates under the ticker NASDAQ:TFIN and has its principal executive offices located in Dallas, Texas. The company's common stock and depositary shares are traded on the NASDAQ Global Select Market.
In other recent news, Triumph Financial reported growth in its second quarter financial results, with a focus on the expansion of TriumphPay. The company projects EBITDA margins between 50% and 70%, contributing to a potential $1 billion revenue opportunity. Triumph Financial's earnings and revenue growth were also noted in its Payments segment, attributed to new broker clients and increased adoption rates.
The company has $190 million in excess capital, preparing for potential recession conditions and merger and acquisition opportunities.
In recent developments, CytoSorbents Corporation submitted a De Novo medical device application for its DrugSorb-ATR to the U.S. FDA. The product, designed for patients on ticagrelor undergoing coronary artery bypass graft surgery, has been granted Breakthrough Device Designation. The company also expects third-quarter product revenue for 2024 to range between $8.3 million and $8.5 million, indicating a 7-10% year-over-year growth.
Triumph Financial's stock rating was reaffirmed by B.Riley, maintaining a Neutral stance. The company also announced executive role changes with Ms. Gail Lehmann transitioning from her role as Executive Vice President and Chief Regulatory and Governance Officer, and Jamie Paterson appointed as the new Executive Vice President and Chief Operating Officer of Banking Operations for its subsidiary TBK Bank, SSB.
InvestingPro Insights
To provide additional context to Triumph Financial's recent quarterly report, let's examine some key financial metrics and insights from InvestingPro.
Triumph Financial (NASDAQ:TFIN) currently has a market capitalization of $1.94 billion and trades at a P/E ratio of 73.56, which InvestingPro Tips indicate is a high earnings multiple. This valuation suggests investors are pricing in significant growth expectations for the company.
Despite the high valuation, Triumph Financial has demonstrated strong performance over the long term. InvestingPro Tips highlight that the company has achieved a high return over the last decade and a strong return over the past five years. This track record of performance may justify some of the premium in its current valuation.
However, investors should note that Triumph Financial faces some near-term challenges. The company's revenue for the last twelve months as of Q2 2024 stood at $400.0 million, with a revenue growth rate of -5.29% over the same period. This aligns with an InvestingPro Tip indicating that net income is expected to drop this year.
For those interested in a deeper analysis, InvestingPro offers 8 additional tips for Triumph Financial, providing a more comprehensive view of the company's financial health and prospects.
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