Canada Pension Plan Investment Board Takes Position in Trustmark Corporation $TRMK

Key Points

• Canada Pension Plan Investment Board acquired 31,700 Trustmark shares worth approximately $1.46 million, joining other institutional investors that increased their positions. Institutions and hedge funds collectively own 67.64% of TRMK.
• Analysts maintain a generally neutral outlook, with Trustmark receiving an average “Hold” rating and a consensus price target of $46.12. Recent target increases placed estimates between $47 and $48.
• Trustmark exceeded quarterly expectations, reporting $0.97 EPS and $213.38 million in revenue, up 4.8% year over year. The company also declared a quarterly dividend of $0.25, representing a 2.2% annualized yield.

Canada Pension Plan Investment Board acquired a new position in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 31,700 shares of the financial services provider's stock, valued at approximately $1,459,000. Canada Pension Plan Investment Board owned 0.05% of Trustmark at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TRMK. Royal Bank of Canada increased its position in shares of Trustmark by 27.0% in the first quarter. Royal Bank of Canada now owns 22,127 shares of the financial services provider's stock valued at $764,000 after buying an additional 4,701 shares in the last quarter. AQR Capital Management LLC grew its stake in Trustmark by 230.8% in the 1st quarter. AQR Capital Management LLC now owns 97,234 shares of the financial services provider's stock worth $3,327,000 after acquiring an additional 67,841 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Trustmark by 4.6% in the first 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 purchasing an additional 1,592 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Trustmark by 12.4% during the 1st quarter. Millennium Management LLC now owns 197,652 shares of the financial services provider's stock worth $6,817,000 after acquiring an additional 21,866 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in 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 purchasing an additional 69,110 shares during the period. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRMK has been the subject of a number of research analyst reports. Piper Sandler upped 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. DA Davidson boosted their target price on shares of 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 note on Sunday, August 9th. Finally, Weiss Ratings raised shares of Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $46.12.

Trustmark Price Performance

Shares of NASDAQ:TRMK opened at $45.92 on Tuesday. 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 52 week low of $36.33 and a 52 week high of $49.00. The firm's 50 day moving average is $46.81 and its two-hundred day moving average is $44.80. The firm has a market capitalization of $2.67 billion, a P/E ratio of 11.65 and a beta of 0.65.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share (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 company had revenue of $213.38 million during the quarter, compared to analysts' expectations of $210.30 million. During the same quarter in the prior year, the business posted $0.92 earnings per share. The company's revenue for the quarter was up 4.8% compared to the same quarter last year. 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. Investors of record on Tuesday, September 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 1st. Trustmark's dividend payout ratio is currently 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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