202,623 Shares of Trustmark Corporation $TRMK Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 202,623 Trustmark shares worth approximately $9.3 million in the second quarter, representing about 0.35% of the company. Institutional investors collectively own 67.64% of Trustmark.
• Trustmark reported quarterly EPS of $0.97, slightly above the $0.96 consensus estimate, while revenue rose 4.8% year over year to $213.38 million. The company also maintains a quarterly dividend of $0.25 per share, yielding about 2.2% annually.
• Analysts hold a generally positive but cautious view, with a consensus rating of “Moderate Buy” and an average price target of $47.38, compared with the stock’s recent price of $46.04.

Bank of America Corp DE bought a new position in Trustmark Corporation (NASDAQ:TRMK - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 202,623 shares of the financial services provider's stock, valued at approximately $9,323,000. Bank of America Corp DE owned about 0.35% of Trustmark as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. boosted its holdings in shares of Trustmark by 1,129.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 779 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Trustmark in the second quarter worth approximately $63,000. EverSource Wealth Advisors LLC grew its position in Trustmark by 23.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,657 shares of the financial services provider's stock worth $70,000 after purchasing an additional 314 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Trustmark in the 2nd quarter worth approximately $113,000. Finally, GAMMA Investing LLC grew its position in Trustmark by 27.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the financial services provider's stock worth $157,000 after purchasing an additional 727 shares during the period. Institutional investors own 67.64% of the company's stock.

Trustmark Trading Down 0.1%

Shares of Trustmark stock opened at $46.04 on Friday. Trustmark Corporation has a 1-year low of $36.33 and a 1-year high of $49.00. The company's fifty day simple moving average is $46.83 and its 200-day simple moving average is $45.15. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. The stock has a market capitalization of $2.67 billion, a PE ratio of 11.69 and a beta of 0.64.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The firm had revenue of $213.38 million during the quarter, compared to analyst estimates of $210.30 million. During the same period in the prior year, the business posted $0.92 EPS. Trustmark's revenue was up 4.8% on a year-over-year basis. As a group, equities analysts anticipate that Trustmark Corporation will post 3.96 earnings per share for the current year.

Trustmark Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Trustmark's payout ratio is currently 25.38%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TRMK. DA Davidson increased their price target on Trustmark from $46.00 to $48.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Piper Sandler lifted their price objective on Trustmark from $45.50 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Wall Street Zen upgraded Trustmark from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Weiss Ratings raised Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, August 14th. Finally, Keefe, Bruyette & Woods raised their target price on Trustmark from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.38.

About Trustmark

Trustmark Corporation is a financial services company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides banking, wealth management and insurance services to individuals, businesses and institutions.

Its banking offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury management, payment services and online and mobile banking. Trustmark's wealth management business provides investment management, trust administration, financial planning and retirement services, while its insurance operations offer personal and commercial coverage through affiliated agencies.

Trustmark traces its history to 1889 and serves customers primarily across the southeastern United States, including Mississippi, Alabama, Florida, Tennessee and Texas.

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