Trustmark Corporation $TRMK Shares Bought by UBS Group AG

Key Points

• UBS Group AG boosted its Trustmark stake by 282% in the fourth quarter, ending with 640,419 shares worth about $24.9 million. Institutional ownership of the bank now stands at 67.64%.
• Trustmark reported better-than-expected quarterly earnings, with EPS of $0.95 versus the $0.87 consensus estimate and revenue of $208.07 million. The company also posted a 20.12% net margin and 10.74% return on equity.
• The company declared a quarterly dividend of $0.25, implying a 2.2% annual yield and a payout ratio of 26.46%. Analysts currently rate the stock a consensus Hold, with a price target of $44.75.

UBS Group AG raised its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 282.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 640,419 shares of the financial services provider's stock after purchasing an additional 472,751 shares during the quarter. UBS Group AG owned about 1.07% of Trustmark worth $24,944,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in TRMK. Richardson Financial Services Inc. increased its stake in shares of Trustmark by 86.7% during the third quarter. Richardson Financial Services Inc. now owns 743 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 345 shares during the period. Blue Trust Inc. acquired a new position in shares of Trustmark during the fourth quarter valued at approximately $31,000. Bessemer Group Inc. increased its stake in shares of Trustmark by 37.4% during the third quarter. Bessemer Group Inc. now owns 1,073 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 292 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Trustmark by 452.2% during the second 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. Finally, IFP Advisors Inc increased its stake in shares of Trustmark by 24.1% during the third quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 267 shares during the period. Institutional investors and hedge funds own 67.64% of the company's stock.

Trustmark Stock Performance

Trustmark stock opened at $44.73 on Monday. The company has a 50 day moving average price of $43.23 and a 200 day moving average price of $41.36. Trustmark Corporation has a 52 week low of $33.39 and a 52 week high of $45.99. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 11.83 and a beta of 0.66.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.08. Trustmark had a net margin of 20.12% and a return on equity of 10.74%. The firm had revenue of $208.07 million during the quarter, compared to analyst estimates of $204.98 million. During the same quarter last year, the business posted $0.88 EPS. Research analysts forecast that Trustmark Corporation will post 3.92 EPS for the current year.

Trustmark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. Trustmark's dividend payout ratio (DPR) is currently 26.46%.

Wall Street Analysts Forecast Growth

TRMK has been the subject of a number of research reports. Wall Street Zen upgraded shares of Trustmark from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Piper Sandler raised their target price on shares of Trustmark from $44.00 to $45.50 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $45.00 target price on shares of Trustmark in a report on Thursday, April 9th. DA Davidson restated a "neutral" rating and set a $44.00 target price on shares of Trustmark in a report on Wednesday, April 29th. Finally, Brean Capital initiated coverage on shares of Trustmark in a report on Thursday, March 12th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Trustmark currently has a consensus rating of "Hold" and a consensus price target of $44.75.

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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