There are a number of stocks that are expected to come into focus among investors in a big way this morning and one of those could well be the Truxton Corporation (OTCMKTS:TRUX) stock. In recent times, there have been significant developments that have brought the company into the news cycle. Before getting into the details pertaining to those developments, it could be a good move to take a look at the nature of Truxton Corporation’s operations.
Trading Data
On Thursday, TRUX stock ended flat at $69.25 with 128 shares, compared to its average volume of 2.9K shares. The stock moved within a range of $69.25 – 69.25 after opening trade at $69.25.
About Truxton Corporation
The company works through its unit Truxton Trust Company and provides a range of services starting from investment management, banking, and trust management among others. It serves institutions, enterprises, and individuals.
The main deposit products that are offered by Truxton Corporation include money market accounts and certificates of deposit as well as a range of lending products. In the past, the company had been known as NBT Holdings Inc but in May 2013 it changed its name to Truxton Corporation. The company is based out of Nashville, Tennessee, and had been founded in 2004.
Truxton Corporation Reports Second Quarter 2022 Results
The company had come into the news cycle yesterday after it announced its financial results for the second fiscal quarter of 2022 that had ended on June 30, 2022. The company revealed that the net income attributable to holders of the Truxton Corporation common stock stood at $4.1 million and that worked out to $1.41 per diluted share.
That was a strong improvement from the $3.1 million in the same quarter in 2021 to go along with earnings of $1.22 per diluted share. When compared to the prior year period, the fully diluted earnings, as well as net income, went up by as much as 16%. It is going to be interesting to see if the performance leads to more of a focus on the Truxton Corporation stock today and results in any rally or not.
Tom Stumb, who is the Chief Executive Officer and Chairman of Truxton Corporation, spoke about the company’s performance as well. He noted that although there was significant turbulence in the market, the company managed to deliver a strong performance in the second fiscal quarter.
He went on to add that since the company managed to add new clients, the wealth management arm of the business managed to boost revenues by as much as 9%. On the other hand, the private banking segment of the business also managed to perform well. In the second quarter, the private banking business managed to generate record quarterly growth in terms of loans.
In addition to that, the company also announced a cash dividend for the second quarter and that is something that may also come as a source of excitement for investors. Truxton Corporation announced that the board of directors had decided to approve a quarterly cash dividend to the tune of as much as $0.34 for each common share. All shareholders of record as of September 7, 2022, are going to get the dividends on September 28, 2022.
Technical Data
TRUX stock is trading above the 20-Day and 50-Day Moving averages of $69.93 and $66.87 respectively. Moreover, the stock is trading above the 200-Day moving average of $69.11. The company has a total market capitalization of $200.69 million. The stock is up 28% over the past month.
