Trustmark Corporation $TRMK Shares Bought by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its Trustmark stake by 72.8% in the first quarter, owning 156,313 shares worth approximately $6.6 million. Institutional investors collectively held 67.64% of the company’s stock.
• Analysts maintain a generally neutral outlook, with Trustmark carrying an average “Hold” rating and a consensus price target of $46.12. The stock recently opened at $47.45, near its 52-week high of $48.00.
• Trustmark exceeded quarterly expectations, reporting $0.97 EPS and $213.38 million in revenue, while revenue rose 4.8% year over year. The company also announced a quarterly dividend of $0.25 per share, representing a 2.1% yield.

First Trust Advisors LP grew its holdings in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) by 72.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 156,313 shares of the financial services provider's stock after purchasing an additional 65,865 shares during the quarter. First Trust Advisors LP owned approximately 0.27% of Trustmark worth $6,587,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Hsbc Holdings PLC acquired a new stake in Trustmark in the 4th quarter worth about $898,000. UBS Group AG increased its stake in shares of Trustmark by 282.0% during the 4th quarter. UBS Group AG now owns 640,419 shares of the financial services provider's stock valued at $24,944,000 after acquiring an additional 472,751 shares during the last quarter. Horizon Investments LLC acquired a new position in shares of Trustmark during the 4th quarter valued at about $1,185,000. Tudor Investment Corp ET AL lifted its holdings in shares of Trustmark by 11.6% during the 3rd quarter. Tudor Investment Corp ET AL now owns 206,748 shares of the financial services provider's stock worth $8,187,000 after acquiring an additional 21,472 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Trustmark by 62.0% during the 4th quarter. SG Americas Securities LLC now owns 36,353 shares of the financial services provider's stock worth $1,416,000 after acquiring an additional 13,909 shares during the period. Hedge funds and other institutional investors own 67.64% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRMK. Weiss Ratings upgraded shares of Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 1st. Keefe, Bruyette & Woods restated a "market perform" rating and set a $45.00 price objective on shares of Trustmark in a report on Thursday, April 9th. Wall Street Zen downgraded Trustmark from a "hold" rating to a "sell" rating in a report on Saturday. Piper Sandler increased their target price on Trustmark from $45.50 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, DA Davidson lifted their target price on Trustmark from $46.00 to $48.00 and gave the company a "neutral" rating in a report on Thursday. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Trustmark has an average rating of "Hold" and an average price target of $46.12.

Trustmark Stock Performance

NASDAQ TRMK opened at $47.45 on Monday. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 12.04 and a beta of 0.65. 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 one year low of $36.05 and a one year high of $48.00. The company's 50 day moving average price is $45.65 and its 200 day moving average price is $44.05.

Trustmark (NASDAQ:TRMK - Get Free Report) last released 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 period in the previous year, the firm earned $0.92 earnings per share. Trustmark's revenue for the quarter was up 4.8% on a year-over-year basis. On average, sell-side analysts predict that Trustmark Corporation will post 3.93 EPS for the current year.

Trustmark Dividend Announcement

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

Want to see what other hedge funds are holding TRMK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trustmark Corporation (NASDAQ:TRMK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.