Wellington Management Group LLP Cuts Stock Position in Trustmark Corporation $TRMK

Wellington Management Group LLP lessened its stake in shares of Trustmark Corporation (NASDAQ:TRMK) by 53.6% in the second quarter, Holdings Channel reports. The institutional investor owned 1,529,504 shares of the financial services provider’s stock after selling 1,764,593 shares during the period. Wellington Management Group LLP’s holdings in Trustmark were worth $70,372,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in Trustmark by 27.0% in the first quarter. Royal Bank of Canada now owns 22,127 shares of the financial services provider’s stock worth $764,000 after acquiring an additional 4,701 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Trustmark by 230.8% during the first quarter. AQR Capital Management LLC now owns 97,234 shares of the financial services provider’s stock valued at $3,327,000 after acquiring an additional 67,841 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Trustmark by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,217 shares of the financial services provider’s stock worth $1,249,000 after purchasing an additional 1,592 shares during the last quarter. Millennium Management LLC raised its position in shares of Trustmark by 12.4% in the 1st quarter. Millennium Management LLC now owns 197,652 shares of the financial services provider’s stock worth $6,817,000 after purchasing an additional 21,866 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Trustmark by 17.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 470,756 shares of the financial services provider’s stock worth $16,236,000 after purchasing an additional 69,110 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TRMK shares. Weiss Ratings upgraded shares of Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, August 14th. Piper Sandler upped their target price on shares of Trustmark from $45.50 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, DA Davidson raised their price target on shares of Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.12.

Trustmark Price Performance

Shares of TRMK opened at $45.82 on Thursday. The firm has a market cap of $2.66 billion, a PE ratio of 11.63 and a beta of 0.64. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $46.80 and a two-hundred day simple moving average of $44.83. Trustmark Corporation has a 1-year low of $36.33 and a 1-year high of $49.00.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share (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 firm had revenue of $213.38 million for the quarter, compared to the consensus estimate of $210.30 million. During the same period last year, the business posted $0.92 EPS. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities analysts anticipate 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. Shareholders of record on Tuesday, September 1st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. Trustmark’s dividend payout ratio is currently 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.