Bank of New York Mellon Corp Purchases Shares of 492,842 Trustmark Corporation $TRMK

Key Points

• Bank of New York Mellon acquired 492,842 Trustmark shares worth approximately $22.7 million, giving it roughly a 0.84% stake. Institutional investors collectively own 67.64% of TRMK.
• Analysts maintain a generally cautious outlook, with Trustmark receiving an average “Hold” rating and a consensus price target of $46.12, though several firms recently raised their targets.
• Trustmark exceeded quarterly expectations with $0.97 in EPS and $213.38 million in revenue, while revenue grew 4.8% year over year. The company also announced a $0.25 quarterly dividend, representing a 2.2% annualized yield.

Bank of New York Mellon Corp acquired a new position in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 492,842 shares of the financial services provider's stock, valued at approximately $22,676,000. Bank of New York Mellon Corp owned about 0.84% of Trustmark as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Rockefeller Capital Management L.P. grew its position in Trustmark by 1,129.0% during the fourth 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 period. Meeder Asset Management Inc. acquired a new stake in Trustmark during the 4th quarter worth approximately $36,000. EverSource Wealth Advisors LLC raised its holdings in Trustmark by 452.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the financial services provider's stock valued at $46,000 after buying an additional 1,022 shares during the period. Kestra Advisory Services LLC purchased a new position in Trustmark in the fourth quarter valued at approximately $55,000. Finally, Quadrant Capital Group LLC lifted its position in Trustmark by 5,538.7% during the fourth quarter. Quadrant Capital Group LLC now owns 3,496 shares of the financial services provider's stock valued at $136,000 after buying an additional 3,434 shares in the last quarter. 67.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Trustmark Price Performance

TRMK stock opened at $46.27 on Monday. The stock's 50 day moving average is $46.79 and its two-hundred day moving average is $44.79. Trustmark Corporation has a 52-week low of $36.33 and a 52-week high of $49.00. The company has a market capitalization of $2.69 billion, a PE ratio of 11.74 and a beta of 0.65. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, beating 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 company had revenue of $213.38 million during the quarter, compared to analysts' expectations of $210.30 million. During the same period in the prior year, the business posted $0.92 EPS. The business's revenue was up 4.8% on a year-over-year basis. Analysts predict that Trustmark Corporation will post 3.93 earnings per share for the current fiscal year.

Trustmark Announces Dividend

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 given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.2%. Trustmark's payout ratio is presently 25.38%.

Trustmark Company 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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