Hsbc Holdings PLC Takes Position in Trustmark Corporation $TRMK

Key Points

• HSBC Holdings bought 24,900 shares of Trustmark worth approximately $1.15 million during the second quarter. Institutional investors collectively own 67.64% of the company, with BlackRock also establishing a significant new position.
• Analysts remain generally neutral on Trustmark, with an average “Hold” rating and a $46.12 price target. Recent upgrades lifted targets from Piper Sandler and DA Davidson, while Weiss Ratings raised the stock to “buy.”
• Trustmark exceeded quarterly earnings and revenue expectations, reporting $0.97 EPS and $213.38 million in revenue. The company also declared a quarterly dividend of $0.25 per share, equivalent to a 2.2% annual yield.

Hsbc Holdings PLC purchased a new stake in Trustmark Corporation (NASDAQ:TRMK - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 24,900 shares of the financial services provider's stock, valued at approximately $1,153,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. acquired a new position in Trustmark during the second quarter valued at approximately $395,920,000. Dimensional Fund Advisors LP raised its holdings in Trustmark by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,897,556 shares of the financial services provider's stock worth $164,244,000 after purchasing an additional 20,628 shares during the period. Wellington Management Group LLP boosted its position in shares of Trustmark by 8.9% during the third quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider's stock worth $153,802,000 after purchasing an additional 316,851 shares in the last quarter. North Reef Capital Management LP bought a new position in shares of Trustmark during the first quarter worth $82,296,000. Finally, Geode Capital Management LLC grew its holdings in shares of Trustmark by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,491,837 shares of the financial services provider's stock valued at $58,112,000 after buying an additional 9,198 shares during the period. Institutional investors own 67.64% of the company's stock.

Analyst Upgrades and Downgrades

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

Trustmark Stock Performance

Shares of TRMK opened at $45.92 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89. Trustmark Corporation has a twelve month low of $36.33 and a twelve month high of $49.00. The firm's 50 day moving average price is $46.81 and its two-hundred day moving average price is $44.80. The firm has a market cap of $2.67 billion, a P/E ratio of 11.65 and a beta of 0.65.

Trustmark (NASDAQ:TRMK - Get Free Report) last issued its quarterly earnings data 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 net margin of 20.75% and a return on equity of 10.69%. The company had revenue of $213.38 million during the quarter, compared to the consensus estimate of $210.30 million. During the same quarter in the prior year, the firm earned $0.92 earnings per share. The firm's revenue was up 4.8% compared to the same quarter last year. On average, analysts forecast that Trustmark Corporation will post 3.93 EPS for the current fiscal 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 paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. Trustmark's dividend payout ratio is presently 25.38%.

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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