The Manufacturers Life Insurance Company Invests $1.28 Million in Trustmark Corporation $TRMK

Key Points

• The Manufacturers Life Insurance Company acquired 27,887 Trustmark shares in the second quarter, valued at approximately $1.28 million. Institutional investors collectively own 67.64% of TRMK.
• Trustmark reported quarterly EPS of $0.97, slightly above the $0.96 analyst consensus, while revenue rose 4.8% year over year to $213.38 million. Analysts maintain a consensus “Hold” rating with an average price target of $46.12.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.1% yield. Shares opened at $46.62 and have traded between $36.33 and $49.00 over the past year.

The Manufacturers Life Insurance Company acquired a new stake in Trustmark Corporation (NASDAQ:TRMK - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 27,887 shares of the financial services provider's stock, valued at approximately $1,283,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in Trustmark in the 2nd quarter worth $549,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Trustmark during the second quarter valued at about $508,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Trustmark during the second quarter valued at about $113,000. BlackRock Inc. bought a new position in shares of Trustmark during the second quarter valued at about $395,920,000. Finally, Deutsche Bank AG purchased a new position in shares of Trustmark in the second quarter worth about $2,679,000. Institutional investors own 67.64% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on TRMK. Weiss Ratings upgraded Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, August 14th. DA Davidson increased their price objective on Trustmark from $46.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Piper Sandler raised their target price on shares of 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 raised shares of Trustmark from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Trustmark presently has a consensus rating of "Hold" and an average price target of $46.12.

Trustmark Stock Up 1.2%

NASDAQ TRMK opened at $46.62 on Friday. Trustmark Corporation has a 1 year low of $36.33 and a 1 year high of $49.00. The stock has a market capitalization of $2.71 billion, a PE ratio of 11.83 and a beta of 0.64. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. The business's 50-day moving average is $46.79 and its 200 day moving average is $44.85.

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, beating analysts' consensus estimates of $0.96 by $0.01. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The business had revenue of $213.38 million during the quarter, compared to analyst estimates of $210.30 million. During the same quarter in the prior year, the company posted $0.92 EPS. Trustmark's quarterly revenue was up 4.8% compared to the same quarter last year. Sell-side analysts forecast that Trustmark Corporation will post 3.93 earnings per share for the current year.

Trustmark Dividend Announcement

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

Trustmark Company 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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