Public Sector Pension Investment Board Raises Stake in 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 raised its stake in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) by 27.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,437 shares of the financial services provider's stock after purchasing an additional 41,087 shares during the period. Public Sector Pension Investment Board owned 0.32% of Trustmark worth $6,672,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TRMK. Wellington Management Group LLP lifted its holdings in Trustmark by 82.2% during 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 purchasing an additional 1,115,708 shares in the last quarter. Nuveen LLC purchased a new position in shares of Trustmark in the first quarter worth about $5,697,000. Edgestream Partners L.P. lifted its stake in shares of Trustmark by 172.9% in the first quarter. Edgestream Partners L.P. now owns 204,665 shares of the financial services provider's stock worth $7,059,000 after buying an additional 129,679 shares in the last quarter. Charles Schwab Investment Management Inc. lifted 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 worth $34,281,000 after buying an additional 99,134 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Trustmark by 112.1% in the fourth quarter. Millennium Management LLC now owns 175,786 shares of the financial services provider's stock worth $6,218,000 after buying an additional 92,890 shares in the last quarter. 67.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Trustmark Trading Down 0.1%

Trustmark stock traded down $0.03 during midday trading on Tuesday, hitting $38.53. 164,674 shares of the stock were exchanged, compared to its average volume of 318,299. Trustmark Corporation has a fifty-two week low of $29.77 and a fifty-two week high of $40.73. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 10.82 and a beta of 0.70. The stock's 50-day simple moving average is $37.09 and its 200 day simple moving average is $35.60. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09.

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 for the quarter, beating analysts' consensus estimates of $0.86 by $0.06. The firm had revenue of $203.44 million during the quarter, compared to analysts' expectations of $200.35 million. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. During the same quarter in the previous year, the business posted $0.66 earnings per share. On average, equities analysts anticipate that Trustmark Corporation will post 3.42 EPS for the current year.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 dividend on an annualized basis and a dividend yield of 2.5%. Trustmark's payout ratio is 26.97%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TRMK. Wall Street Zen downgraded shares of Trustmark from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. DA Davidson raised their price target on shares of Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods decreased their price target on shares of Trustmark from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Finally, Hovde Group raised their price target on shares of 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $41.00.

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.