Public Sector Pension Investment Board Buys 41,087 Shares of Trustmark Corporation $TRMK

Key Points

• The Public Sector Pension Investment Board increased its stake in Trustmark Corporation by 27.0%, owning approximately 0.32% of the company, valued at $6.67 million.
• Trustmark stock is currently rated as a "Hold" by four analysts, with a consensus target price of $41.00, despite recent price objective adjustments from various research firms.
• The company announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.5%, set to be paid on September 15th.

Public Sector Pension Investment Board grew its stake in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,437 shares of the financial services provider's stock after buying an additional 41,087 shares during the period. Public Sector Pension Investment Board owned 0.32% of Trustmark worth $6,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in shares of Trustmark by 82.2% in the fourth quarter. Wellington Management Group LLP now owns 2,472,561 shares of the financial services provider's stock valued at $87,454,000 after buying an additional 1,115,708 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Trustmark by 11.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 993,941 shares of the financial services provider's stock valued at $34,281,000 after buying an additional 99,134 shares during the period. Northern Trust Corp increased its stake in shares of Trustmark by 5.0% in the fourth quarter. Northern Trust Corp now owns 808,844 shares of the financial services provider's stock valued at $28,609,000 after buying an additional 38,594 shares during the period. Invesco Ltd. increased its stake in shares of Trustmark by 1.9% in the fourth quarter. Invesco Ltd. now owns 598,861 shares of the financial services provider's stock valued at $21,182,000 after buying an additional 11,081 shares during the period. Finally, Federated Hermes Inc. increased its stake in shares of Trustmark by 0.6% in the first quarter. Federated Hermes Inc. now owns 341,927 shares of the financial services provider's stock valued at $11,793,000 after buying an additional 2,050 shares during the period. Institutional investors and hedge funds own 67.64% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TRMK. Keefe, Bruyette & Woods decreased their target price on Trustmark from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Wall Street Zen cut Trustmark from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. DA Davidson raised their target price on Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, Hovde Group raised their target price on Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $41.00.

Trustmark Stock Down 0.3%

NASDAQ:TRMK traded down $0.13 on Thursday, hitting $38.38. The stock had a trading volume of 212,222 shares, compared to its average volume of 269,404. The business's fifty day moving average is $37.31 and its 200 day moving average is $35.65. The company has a market cap of $2.32 billion, a PE ratio of 10.78 and a beta of 0.70. 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 $40.73.

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

Trustmark Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a $0.24 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.96 annualized dividend and a yield of 2.5%. Trustmark's dividend payout ratio is presently 26.97%.

Insider Activity at Trustmark

In other Trustmark news, Director Marcelo L. Eduardo sold 700 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $38.49, for a total value of $26,943.00. Following the transaction, the director owned 8,577 shares in the company, valued at approximately $330,128.73. This represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gerard R. Host sold 20,970 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $38.49, for a total value of $807,135.30. Following the completion of the transaction, the director owned 158,360 shares in the company, valued at approximately $6,095,276.40. The trade was a 11.69% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Trustmark 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.