Oppenheimer Asset Management Inc. Purchases New Holdings in Trustmark Corporation $TRMK

Key Points

• Oppenheimer Asset Management acquired 40,405 Trustmark shares worth approximately $1.86 million, while institutional investors collectively own 67.64% of the company.
• Analysts remain generally neutral on Trustmark, with an average “Hold” rating and a consensus price target of $46.12; DA Davidson and Piper Sandler recently raised their targets.
• Trustmark exceeded quarterly earnings and revenue expectations, reporting $0.97 EPS and $213.38 million in revenue, and declared a quarterly dividend of $0.25, yielding about 2.1% annually.

Oppenheimer Asset Management Inc. acquired a new position in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 40,405 shares of the financial services provider's stock, valued at approximately $1,859,000. Oppenheimer Asset Management Inc. owned approximately 0.07% of Trustmark at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. North Reef Capital Management LP purchased a new position in shares of Trustmark during the first quarter valued at approximately $82,296,000. UBS Group AG grew its stake in shares of Trustmark by 282.0% in the 4th quarter. UBS Group AG now owns 640,419 shares of the financial services provider's stock worth $24,944,000 after buying an additional 472,751 shares during the last quarter. Wellington Management Group LLP increased its position in Trustmark by 8.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider's stock valued at $153,802,000 after buying an additional 316,851 shares in the last quarter. Bridgeway Capital Management LLC increased its position in Trustmark by 156.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 389,333 shares of the financial services provider's stock valued at $15,165,000 after buying an additional 237,266 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Trustmark by 121.1% during the first quarter. Bank of America Corp DE now owns 316,772 shares of the financial services provider's stock valued at $13,349,000 after buying an additional 173,486 shares during the last quarter. Hedge funds and other institutional investors own 67.64% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. DA Davidson boosted 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. Wall Street Zen upgraded Trustmark from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Piper Sandler lifted their price target on Trustmark from $45.50 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 1st. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $46.12.

Trustmark Stock Performance

Shares of NASDAQ:TRMK opened at $48.29 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. Trustmark Corporation has a 1 year low of $36.33 and a 1 year high of $49.00. The company has a market cap of $2.80 billion, a P/E ratio of 12.26 and a beta of 0.65. The stock's fifty day moving average price is $46.45 and its 200-day moving average price is $44.54.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings data 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. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The company had revenue of $213.38 million during the quarter, compared to the consensus estimate of $210.30 million. During the same period last year, the company earned $0.92 EPS. Trustmark's revenue for the quarter was up 4.8% on a year-over-year basis. Sell-side analysts expect that Trustmark Corporation will post 3.93 earnings per share for the current year.

Trustmark Dividend Announcement

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

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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