Quantbot Technologies LP Takes Position in Trustmark Corporation $TRMK

Key Points

• Quantbot Technologies LP has acquired a new position in Trustmark Corporation, purchasing 8,011 shares valued at approximately $276,000 in the first quarter of 2023.
• Trustmark recently reported an earnings per share (EPS) of $0.92, exceeding analysts' expectations, with a quarterly revenue of $203.44 million.
• The company announced a quarterly dividend of $0.24 per share, reflecting an annualized dividend yield of 2.4%, with the ex-dividend date set for August 29th.

Quantbot Technologies LP purchased a new position in Trustmark Corporation (NASDAQ:TRMK - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,011 shares of the financial services provider's stock, valued at approximately $276,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in Trustmark in the 4th quarter worth approximately $1,145,000. First Trust Advisors LP boosted its stake in shares of Trustmark by 35.6% in the 4th quarter. First Trust Advisors LP now owns 147,326 shares of the financial services provider's stock worth $5,211,000 after buying an additional 38,660 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Trustmark by 5.8% in the fourth quarter. MetLife Investment Management LLC now owns 37,141 shares of the financial services provider's stock worth $1,314,000 after acquiring an additional 2,020 shares during the period. Hsbc Holdings PLC increased its position in Trustmark by 110.3% during the fourth quarter. Hsbc Holdings PLC now owns 16,194 shares of the financial services provider's stock valued at $575,000 after acquiring an additional 8,494 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Trustmark by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 52,528 shares of the financial services provider's stock valued at $1,858,000 after acquiring an additional 4,016 shares during the last quarter. Institutional investors own 67.64% of the company's stock.

Trustmark Stock Performance

Shares of TRMK opened at $40.63 on Thursday. The business has a 50-day simple moving average of $37.83 and a two-hundred day simple moving average of $35.71. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. Trustmark Corporation has a 52 week low of $29.77 and a 52 week high of $40.81. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 11.41 and a beta of 0.70.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.06. The company had revenue of $203.44 million during the quarter, compared to the consensus estimate of $200.35 million. Trustmark had a return on equity of 10.81% and a net margin of 19.21%.During the same period in the previous year, the company posted $0.66 EPS. On average, analysts expect that Trustmark Corporation will post 3.42 EPS for the current year.

Trustmark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. Trustmark's dividend payout ratio is 26.97%.

Insider Buying and Selling at Trustmark

In related news, Director Gerard R. Host sold 1,556 shares of Trustmark stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $40.63, for a total transaction of $63,220.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Marcelo L. Eduardo sold 700 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $38.49, for a total transaction of $26,943.00. Following the completion of the transaction, the director directly owned 8,577 shares of the company's stock, valued at $330,128.73. This represents a 7.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,226 shares of company stock worth $897,299 over the last 90 days. Insiders own 1.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. DA Davidson raised their target price on Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Hovde Group raised their price objective on shares of Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Finally, Wall Street Zen lowered shares of Trustmark from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Trustmark presently has a consensus rating of "Hold" and a consensus price target of $41.00.

Trustmark Company Profile

Trustmark Corporation operates as the bank holding company for Trustmark National Bank that provides banking and other financial solutions to individuals and corporate institutions in the United States. The company operates through three segments: General Banking, Wealth Management, and Insurance. It offers checking, savings, and money market accounts; certificates of deposits and individual retirement accounts; financing for commercial and industrial projects, income-producing commercial real estate, owner-occupied real estate, and construction and land development; and installment and real estate loans, and lines of credit, as well as treasury management services.

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