Wellington Management Group LLP Has $114.47 Million Stock Position in Trustmark Corporation $TRMK

Key Points

• Wellington Management Group LLP increased its holdings in Trustmark Corporation by 34.2% during the 1st quarter, now owning over 3.3 million shares valued at approximately $114.5 million.
• Trustmark's stock has recently been downgraded from a "buy" to a "hold" rating by Wall Street Zen, with an average target price of $41.00 according to analyst reports.
• The company announced a quarterly dividend of $0.24 per share, which will be paid on September 15th, representing a 2.5% dividend yield.

Wellington Management Group LLP lifted its holdings in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 34.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,318,799 shares of the financial services provider's stock after purchasing an additional 846,238 shares during the period. Wellington Management Group LLP owned about 5.49% of Trustmark worth $114,465,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. LPL Financial LLC grew its stake in shares of Trustmark by 0.6% in the 1st quarter. LPL Financial LLC now owns 64,802 shares of the financial services provider's stock worth $2,235,000 after purchasing an additional 415 shares during the last quarter. CWM LLC boosted its holdings in shares of Trustmark by 9.7% in the first quarter. CWM LLC now owns 5,655 shares of the financial services provider's stock worth $195,000 after buying an additional 502 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Trustmark by 41.0% in the first quarter. GAMMA Investing LLC now owns 1,809 shares of the financial services provider's stock worth $62,000 after buying an additional 526 shares during the period. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Trustmark by 7.6% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 11,930 shares of the financial services provider's stock worth $422,000 after buying an additional 847 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Trustmark by 10.0% in the first quarter. Russell Investments Group Ltd. now owns 9,450 shares of the financial services provider's stock worth $326,000 after buying an additional 858 shares during the period. Institutional investors and hedge funds own 67.64% of the company's stock.

Insiders Place Their Bets

In other Trustmark news, Director Marcelo L. Eduardo sold 700 shares of Trustmark stock in a transaction on Monday, August 18th. The shares were sold at an average price of $38.49, for a total transaction of $26,943.00. Following the sale, the director owned 8,577 shares in the company, valued at $330,128.73. The trade was a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gerard R. Host sold 20,970 shares of Trustmark stock in a transaction 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 sale, the director owned 158,360 shares in the company, 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 Stock Up 0.1%

NASDAQ TRMK traded up $0.03 during trading on Wednesday, reaching $40.63. The company's stock had a trading volume of 29,773 shares, compared to its average volume of 314,402. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $2.45 billion, a PE ratio of 11.44 and a beta of 0.70. The business has a 50-day moving average price of $37.70 and a 200-day moving average price of $35.67. Trustmark Corporation has a 1-year low of $29.77 and a 1-year high of $40.81.

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

Trustmark Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have commented on TRMK shares. Hovde Group raised their target price 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. Wall Street Zen cut shares of Trustmark from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Finally, 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 report on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $41.00.

About Trustmark

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.