Magnolia Capital Advisors LLC Purchases New Shares in Trustmark Corporation $TRMK

Key Points

• Magnolia Capital Advisors LLC purchased 153,479 Trustmark shares worth approximately $7.06 million, giving it a 0.26% stake; institutional investors collectively own 67.64% of the company.
• Trustmark exceeded quarterly expectations, reporting $0.97 in earnings per share and $213.38 million in revenue, with year-over-year revenue growth of 4.8%.
• The company declared a quarterly dividend of $0.25, equivalent to a 2.2% annualized yield. Analysts’ consensus rating remains “Hold,” with an average price target of $46.12.

Magnolia Capital Advisors LLC purchased a new position in Trustmark Corporation (NASDAQ:TRMK - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 153,479 shares of the financial services provider's stock, valued at approximately $7,062,000. Trustmark accounts for about 1.2% of Magnolia Capital Advisors LLC's investment portfolio, making the stock its 19th largest position. Magnolia Capital Advisors LLC owned 0.26% of Trustmark at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in TRMK. Rockefeller Capital Management L.P. boosted its holdings in shares of Trustmark by 1,129.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider's stock valued at $33,000 after buying an additional 779 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Trustmark in the 4th quarter worth about $36,000. EverSource Wealth Advisors LLC lifted its position in 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 acquiring an additional 1,022 shares during the period. Kestra Advisory Services LLC purchased a new position in Trustmark during the 4th quarter valued at about $55,000. Finally, Global Retirement Partners LLC purchased a new position in Trustmark during the 2nd quarter valued at about $63,000. Institutional investors own 67.64% of the company's stock.

Trustmark Stock Performance

Shares of TRMK opened at $46.24 on Thursday. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 11.74 and a beta of 0.65. The business's fifty day simple moving average is $46.73 and its two-hundred day simple moving average is $44.76. Trustmark Corporation has a 12 month low of $36.33 and a 12 month high of $49.00. 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 (NASDAQ:TRMK - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations of $210.30 million. During the same quarter in the previous year, the business earned $0.92 earnings per share. The company's revenue was up 4.8% on a year-over-year basis. Research analysts anticipate that Trustmark Corporation will post 3.93 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The firm 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. 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 payout ratio is 25.38%.

Analyst Ratings Changes

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

About Trustmark

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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