Hsbc Holdings PLC Buys Shares of 24,900 Trustmark Corporation $TRMK

Key Points

• Hsbc Holdings PLC acquired 24,900 Trustmark shares worth approximately $1.15 million during the second quarter. Institutional investors and hedge funds collectively own 67.64% of Trustmark.
• Analysts maintain a generally neutral view, with Trustmark carrying a consensus “Hold” rating and an average price target of $46.12. The stock recently opened at $46.98, within its $36.33–$49.00 52-week range.
• Trustmark exceeded quarterly earnings expectations, reporting $0.97 in EPS versus a $0.96 estimate and $213.38 million in revenue. The company also announced a quarterly dividend of $0.25 per share, representing a 2.1% annualized yield.

Hsbc Holdings PLC purchased a new position in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 24,900 shares of the financial services provider's stock, valued at approximately $1,153,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rockefeller Capital Management L.P. boosted 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 valued at $33,000 after purchasing an additional 779 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Trustmark during the 4th quarter worth approximately $36,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Trustmark during the 2nd quarter worth approximately $39,000. EverSource Wealth Advisors LLC raised its position in shares of Trustmark by 452.2% during the 2nd 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. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Trustmark during the 4th quarter valued at approximately $55,000. Institutional investors and hedge funds own 67.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TRMK. Wall Street Zen upgraded Trustmark from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. DA Davidson lifted their target price on Trustmark from $46.00 to $48.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Piper Sandler upped their price target on Trustmark from $45.50 to $47.00 and gave the company 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 equities research 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.com, the stock presently has a consensus rating of "Hold" and an average target price of $46.12.

Trustmark Stock Down 1.0%

Shares of NASDAQ TRMK opened at $46.98 on Friday. 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 business's 50 day moving average is $46.80 and its two-hundred day moving average is $44.91. Trustmark Corporation has a 52-week low of $36.33 and a 52-week high of $49.00. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 11.92 and a beta of 0.64.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The business had revenue of $213.38 million during 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%.The company's quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the business posted $0.92 earnings per share. Research analysts predict that Trustmark Corporation will post 3.94 EPS for the current year.

Trustmark Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Trustmark's payout ratio is currently 25.38%.

About Trustmark

Trustmark Corporation is a financial services company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides banking, wealth management and insurance services to individuals, businesses and institutions.

Its banking offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury management, payment services and online and mobile banking. Trustmark's wealth management business provides investment management, trust administration, financial planning and retirement services, while its insurance operations offer personal and commercial coverage through affiliated agencies.

Trustmark traces its history to 1889 and serves customers primarily across the southeastern United States, including Mississippi, Alabama, Florida, Tennessee and Texas.

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