Oppenheimer Asset Management Inc. Takes $1.86 Million Position in Trustmark Corporation $TRMK

Oppenheimer Asset Management Inc. purchased a new position in Trustmark Corporation (NASDAQ:TRMK) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 40,405 shares of the financial services provider’s stock, valued at approximately $1,859,000.

Several other large investors also recently modified their holdings of TRMK. North Reef Capital Management LP bought a new stake in shares of Trustmark in the first quarter worth $82,296,000. UBS Group AG lifted its holdings in Trustmark by 282.0% in the fourth 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 period. Wellington Management Group LLP lifted its holdings in Trustmark by 8.9% in the third quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider’s stock valued at $153,802,000 after acquiring an additional 316,851 shares during the period. Bridgeway Capital Management LLC boosted its position in Trustmark by 156.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 389,333 shares of the financial services provider’s stock worth $15,165,000 after purchasing an additional 237,266 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Trustmark by 121.1% in the first quarter. Bank of America Corp DE now owns 316,772 shares of the financial services provider’s stock worth $13,349,000 after purchasing an additional 173,486 shares during the last quarter. Institutional investors own 67.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TRMK shares. DA Davidson boosted their price target on Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Piper Sandler raised their price objective 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, Weiss Ratings upgraded shares of Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.12.

Trustmark Stock Performance

NASDAQ:TRMK opened at $48.29 on Monday. The stock has a 50-day simple moving average of $46.45 and a two-hundred day simple moving average of $44.54. Trustmark Corporation has a 52-week low of $36.33 and a 52-week high of $49.00. 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 $2.80 billion, a PE ratio of 12.26 and a beta of 0.65.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, topping 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 analysts’ expectations of $210.30 million. During the same quarter in the prior year, the business posted $0.92 earnings per share. The business’s quarterly revenue was up 4.8% on a year-over-year basis. Analysts forecast that Trustmark Corporation will post 3.93 EPS for the current year.

Trustmark Announces Dividend

The company 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 $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Trustmark’s dividend payout ratio is currently 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.