Fifth Third Bancorp Acquires 21,528 Shares of Trustmark Corporation $TRMK

Key Points

• Fifth Third Bancorp increased its Trustmark stake by 8,376.7% in the first quarter, ending with 21,785 shares valued at approximately $918,000. Institutional investors collectively own 67.64% of Trustmark.
• Analysts remain broadly neutral on Trustmark, with an average “Hold” rating and a consensus price target of $44.75, despite some rating upgrades.
• Trustmark exceeded quarterly expectations, reporting $0.95 EPS and $208.07 million in revenue. The company also paid a $0.25 quarterly dividend, equal to a 2.1% annualized yield.

Fifth Third Bancorp lifted its holdings in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) by 8,376.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,785 shares of the financial services provider's stock after buying an additional 21,528 shares during the quarter. Fifth Third Bancorp's holdings in Trustmark were worth $918,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Blue Trust Inc. purchased a new stake in shares of Trustmark during the fourth quarter worth $31,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Trustmark by 1,129.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider's stock worth $33,000 after acquiring an additional 779 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Trustmark in the fourth quarter worth $36,000. EverSource Wealth Advisors LLC grew its position in shares of 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 purchasing an additional 1,022 shares in the last quarter. Finally, IFP Advisors Inc grew its position in shares of Trustmark by 24.1% in the third quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 267 shares in the last quarter. 67.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TRMK has been the topic of a number of recent research reports. Piper Sandler increased their price objective on Trustmark from $44.00 to $45.50 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Wall Street Zen raised Trustmark from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. DA Davidson reiterated a "neutral" rating and set a $44.00 price target on shares of Trustmark in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $45.00 price target on shares of Trustmark in a report on Thursday, April 9th. Finally, Weiss Ratings raised shares of Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 1st. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $44.75.

Trustmark Stock Performance

Trustmark stock opened at $46.61 on Monday. Trustmark Corporation has a fifty-two week low of $36.05 and a fifty-two week high of $48.00. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89. The stock has a market cap of $2.73 billion, a P/E ratio of 12.33 and a beta of 0.65. The firm's fifty day moving average price is $45.36 and its 200-day moving average price is $43.81.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.08. Trustmark had a net margin of 20.12% and a return on equity of 10.74%. The company had revenue of $208.07 million during the quarter, compared to analyst estimates of $204.98 million. During the same period in the previous year, the business earned $0.88 earnings per share. On average, equities research analysts expect that Trustmark Corporation will post 3.92 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.25 per share. The ex-dividend date was Monday, June 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.1%. Trustmark's dividend payout ratio is 26.46%.

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.

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