BlackRock Inc. Invests $395.92 Million in Trustmark Corporation $TRMK

Key Points

• BlackRock acquired 8.61 million Trustmark shares worth approximately $395.9 million in the second quarter, giving it a 14.68% ownership stake. Institutional investors now collectively own 67.64% of the company.
• Trustmark exceeded quarterly expectations, reporting $0.97 EPS versus the $0.96 consensus and revenue of $213.38 million, up 4.8% year over year.
• The company declared a quarterly dividend of $0.25, equivalent to a 2.2% annualized yield. Analysts maintain a consensus “Hold” rating with a $46.12 target price, close to the stock’s reported $46.11 price.

BlackRock Inc. acquired a new stake in Trustmark Corporation (NASDAQ:TRMK - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,605,088 shares of the financial services provider's stock, valued at approximately $395,920,000. BlackRock Inc. owned 14.68% of Trustmark as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Deutsche Bank AG bought a new position in shares of Trustmark in the second quarter valued at $2,679,000. Global Retirement Partners LLC bought a new stake in shares of Trustmark during the 2nd quarter worth $63,000. Silverlake Wealth Management LLC bought a new stake in shares of Trustmark during the 2nd quarter worth $220,000. Bank of New York Mellon Corp acquired a new position in shares of Trustmark in the 2nd quarter worth $22,676,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Trustmark in the 2nd quarter worth $1,859,000. Institutional investors own 67.64% of the company's stock.

Trustmark Stock Performance

Shares of Trustmark stock opened at $46.11 on Wednesday. Trustmark Corporation has a 12 month low of $36.33 and a 12 month high of $49.00. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.68 billion, a PE ratio of 11.70 and a beta of 0.65. The business has a fifty day simple moving average of $46.69 and a 200-day simple moving average of $44.75.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $213.38 million for the quarter, compared to analyst estimates of $210.30 million. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.Trustmark's quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 earnings per share. On average, sell-side analysts anticipate that Trustmark Corporation will post 3.93 EPS for the current fiscal year.

Trustmark Announces Dividend

The firm 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. The ex-dividend date is Tuesday, September 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. Trustmark's dividend payout ratio is currently 25.38%.

Wall Street Analyst Weigh In

TRMK has been the topic of a number of recent analyst reports. DA Davidson boosted their target price on Trustmark from $46.00 to $48.00 and gave the stock a "neutral" rating in a research 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. Piper Sandler lifted their price target on Trustmark from $45.50 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings upgraded Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $46.12.

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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