Wellington Management Group LLP Boosts Stock Holdings 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 raised its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 34.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,318,799 shares of the financial services provider's stock after buying an additional 846,238 shares during the period. Wellington Management Group LLP owned 5.49% of Trustmark worth $114,465,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRMK. Lazard Asset Management LLC purchased a new position in Trustmark in the 4th quarter valued at approximately $47,000. IFP Advisors Inc bought a new position in shares of Trustmark during the 1st quarter valued at about $51,000. GAMMA Investing LLC lifted its holdings in shares of Trustmark by 41.0% in the 1st quarter. GAMMA Investing LLC now owns 1,809 shares of the financial services provider's stock worth $62,000 after acquiring an additional 526 shares during the last quarter. Sterling Capital Management LLC lifted its stake in shares of Trustmark by 817.7% in the 4th quarter. Sterling Capital Management LLC now owns 1,918 shares of the financial services provider's stock valued at $68,000 after acquiring an additional 1,709 shares during the last quarter. Finally, Mascagni Wealth Management Inc. bought a new stake in Trustmark during the 4th quarter valued at $82,000. 67.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TRMK has been the topic of several recent analyst reports. Wall Street Zen cut Trustmark from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Keefe, Bruyette & Woods cut their price objective on shares of Trustmark from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. DA Davidson boosted their target price on Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Finally, Hovde Group lifted 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. Two equities 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.com, the company currently has an average rating of "Hold" and a consensus target price of $41.00.

Trustmark Trading Down 0.3%

Trustmark stock opened at $38.38 on Friday. 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 Corporation has a 12-month low of $29.77 and a 12-month high of $40.73. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 10.78 and a beta of 0.70. The firm has a 50 day moving average of $37.31 and a 200 day moving average of $35.65.

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, topping 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 firm had revenue of $203.44 million during the quarter, compared to analysts' expectations of $200.35 million. During the same period in the prior year, the company posted $0.66 earnings per share. As a group, research analysts predict that Trustmark Corporation will post 3.42 earnings per share for the current year.

Trustmark Announces Dividend

The firm 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 is Friday, August 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.5%. Trustmark's dividend payout ratio (DPR) is currently 26.97%.

Insider Buying and Selling at Trustmark

In related 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 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 approximately $330,128.73. This represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gerard R. Host sold 20,970 shares of the firm's 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 $807,135.30. Following 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. 1.50% of the stock is currently owned by 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.

Want to see what other hedge funds are holding TRMK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trustmark Corporation (NASDAQ:TRMK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.