Deutsche Bank AG Makes New Investment in Trustmark Corporation $TRMK

Key Points

• Deutsche Bank acquired 58,236 Trustmark shares in the second quarter, valued at approximately $2.68 million, while institutional investors collectively owned 67.64% of the company.
• Trustmark exceeded quarterly expectations, reporting $0.97 earnings per share versus a $0.96 estimate and revenue of $213.38 million, up 4.8% year over year.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a 2.2% annualized yield; analysts maintain a consensus “Hold” rating with an average price target of $46.12.

Deutsche Bank AG acquired a new position in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 58,236 shares of the financial services provider's stock, valued at approximately $2,679,000. Deutsche Bank AG owned about 0.10% of Trustmark as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its holdings in Trustmark by 1,129.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider's stock worth $33,000 after buying an additional 779 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Trustmark during the 4th quarter valued at approximately $36,000. EverSource Wealth Advisors LLC boosted its stake in Trustmark by 452.2% during 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 last quarter. Kestra Advisory Services LLC purchased a new position in shares of Trustmark in the 4th quarter worth $55,000. Finally, Global Retirement Partners LLC purchased a new stake in Trustmark during the 2nd quarter valued at $63,000. Hedge funds and other institutional investors own 67.64% of the company's stock.

Trustmark Price Performance

Trustmark stock opened at $46.23 on Friday. The firm's 50-day simple moving average is $46.76 and its 200 day simple moving average is $44.77. The firm has a market capitalization of $2.68 billion, a PE ratio of 11.73 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 Corporation has a 52 week low of $36.33 and a 52 week high of $49.00.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share 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 for the quarter, compared to the consensus estimate of $210.30 million. During the same period in the prior year, the business posted $0.92 earnings per share. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts predict that Trustmark Corporation will post 3.93 EPS for the current fiscal year.

Trustmark Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.2%. Trustmark's dividend payout ratio is currently 25.38%.

Analysts Set New Price Targets

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

Trustmark 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.

Want to see what other hedge funds are holding TRMK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trustmark Corporation (NASDAQ:TRMK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source