1,952,930 Shares in Trustmark Corporation $TRMK Purchased by North Reef Capital Management LP

Key Points

• North Reef Capital Management LP bought a new stake in Trustmark Corporation during Q1, acquiring 1,952,930 shares worth about $82.3 million. The position represents 3.33% of Trustmark and is North Reef’s 11th-largest holding.
• Trustmark shares were up 1.1% to $46.61, near the stock’s 52-week high of $48.00. The company has a market cap of about $2.73 billion and a low debt-to-equity ratio of 0.11.
• The company recently beat earnings expectations, reporting $0.95 EPS versus the expected $0.87, and also paid a quarterly dividend of $0.25 per share. Wall Street’s consensus rating remains Hold with an average price target of $44.75.

North Reef Capital Management LP acquired a new stake in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,952,930 shares of the financial services provider's stock, valued at approximately $82,296,000. Trustmark accounts for 2.8% of North Reef Capital Management LP's investment portfolio, making the stock its 11th largest holding. North Reef Capital Management LP owned 3.33% of Trustmark as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. bought a new position in Trustmark during the fourth quarter valued at $31,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Trustmark by 1,129.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider's stock worth $33,000 after acquiring an additional 779 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Trustmark during the 4th quarter worth about $36,000. EverSource Wealth Advisors LLC boosted its stake in shares of Trustmark by 452.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the financial services provider's stock worth $46,000 after purchasing an additional 1,022 shares during the period. Finally, IFP Advisors Inc grew its holdings in Trustmark by 24.1% during the 3rd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 67.64% of the company's stock.

Trustmark Trading Up 1.1%

TRMK opened at $46.61 on Friday. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 12.33 and a beta of 0.65. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. Trustmark Corporation has a 12 month low of $36.05 and a 12 month high of $48.00. The stock has a fifty day moving average price of $45.36 and a 200-day moving average price of $43.78.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.08. The company had revenue of $208.07 million for the quarter, compared to analyst estimates of $204.98 million. Trustmark had a return on equity of 10.74% and a net margin of 20.12%.During the same quarter in the previous year, the firm earned $0.88 earnings per share. As a group, equities research analysts anticipate that Trustmark Corporation will post 3.92 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, June 1st. Trustmark's payout ratio is currently 26.46%.

Wall Street Analysts Forecast Growth

TRMK has been the topic of a number of analyst reports. Wall Street Zen raised Trustmark from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. DA Davidson restated a "neutral" rating and set a $44.00 price objective on shares of Trustmark in a report on Wednesday, April 29th. Piper Sandler upped their price objective on Trustmark from $44.00 to $45.50 and gave the company a "neutral" rating in a research report on Thursday, April 30th. Weiss Ratings raised Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, June 1st. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $45.00 target price on shares of Trustmark in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $44.75.

Trustmark Profile

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark's offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.

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