Trustmark Bank Trust Department Decreases Stake in Trustmark Corporation $TRMK

Trustmark Bank Trust Department cut its holdings in shares of Trustmark Corporation (NASDAQ:TRMK) by 5.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 270,801 shares of the financial services provider’s stock after selling 15,457 shares during the period. Trustmark comprises about 0.7% of Trustmark Bank Trust Department’s investment portfolio, making the stock its 26th biggest holding. Trustmark Bank Trust Department’s holdings in Trustmark were worth $12,460,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TRMK. Rockefeller Capital Management L.P. boosted its holdings in Trustmark by 1,129.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 779 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Trustmark during the 4th quarter worth approximately $36,000. Public Employees Retirement System of Ohio purchased a new stake in Trustmark during the 2nd quarter worth approximately $39,000. EverSource Wealth Advisors LLC raised its position in shares of Trustmark by 452.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 1,022 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of Trustmark in the 4th quarter valued at approximately $55,000. 67.64% of the stock is owned by hedge funds and other institutional investors.

Trustmark Trading Up 0.1%

NASDAQ:TRMK opened at $46.27 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $46.79 and its two-hundred day moving average is $44.79. Trustmark Corporation has a 52 week low of $36.33 and a 52 week high of $49.00. The company has a market cap of $2.69 billion, a PE ratio of 11.74 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 earnings per share 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 the consensus estimate of $210.30 million. During the same period in the previous year, the business earned $0.92 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts predict that Trustmark Corporation will post 3.93 EPS for the current year.

Trustmark Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Trustmark’s payout ratio is currently 25.38%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRMK. Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Piper Sandler increased their price objective on shares of Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. DA Davidson raised their price objective on shares of Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.12.

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.