Bank of America Corp DE Acquires 173,486 Shares of Trustmark Corporation $TRMK

Bank of America Corp DE lifted its position in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) by 121.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 316,772 shares of the financial services provider's stock after purchasing an additional 173,486 shares during the quarter. Bank of America Corp DE owned approximately 0.54% of Trustmark worth $13,349,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Royal Bank of Canada raised its position in Trustmark by 27.0% in the 1st quarter. Royal Bank of Canada now owns 22,127 shares of the financial services provider's stock valued at $764,000 after purchasing an additional 4,701 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Trustmark by 230.8% during the first quarter. AQR Capital Management LLC now owns 97,234 shares of the financial services provider's stock worth $3,327,000 after purchasing an additional 67,841 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Trustmark by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,217 shares of the financial services provider's stock valued at $1,249,000 after acquiring an additional 1,592 shares in the last quarter. Millennium Management LLC boosted its holdings in Trustmark by 12.4% during the first quarter. Millennium Management LLC now owns 197,652 shares of the financial services provider's stock worth $6,817,000 after purchasing an additional 21,866 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Trustmark by 17.2% in the first quarter. Goldman Sachs Group Inc. now owns 470,756 shares of the financial services provider's stock valued at $16,236,000 after buying an additional 69,110 shares during the last quarter. Institutional investors and hedge funds own 67.64% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Weiss Ratings upgraded Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, August 14th. DA Davidson raised their price target on shares of Trustmark from $46.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Piper Sandler lifted their price objective on Trustmark from $45.50 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised shares of Trustmark from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Trustmark currently has a consensus rating of "Hold" and a consensus price target of $46.12.

Trustmark Price Performance

NASDAQ TRMK opened at $46.52 on Friday. Trustmark Corporation has a 12 month low of $36.33 and a 12 month high of $49.00. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 11.81 and a beta of 0.65. The company's 50 day moving average is $46.65 and its two-hundred day moving average is $44.70. 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 (NASDAQ:TRMK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The firm had revenue of $213.38 million during the quarter, compared to analysts' expectations of $210.30 million. Trustmark had a net margin of 20.75% and a return on equity of 10.69%. The company's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. As a group, research analysts anticipate that Trustmark Corporation will post 3.93 earnings per share for the current year.

Trustmark Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Trustmark's payout ratio is 25.38%.

About Trustmark

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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