VELA Investment Management LLC Lowers Holdings in Trustmark Co. (NASDAQ:TRMK)

VELA Investment Management LLC decreased its position in Trustmark Co. (NASDAQ:TRMK) by 3.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,395 shares of the financial services provider’s stock after selling 1,142 shares during the period. VELA Investment Management LLC’s holdings in Trustmark were worth $904,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of TRMK. GAMMA Investing LLC raised its stake in Trustmark by 62.1% in the second quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider’s stock worth $28,000 after buying an additional 351 shares in the last quarter. EntryPoint Capital LLC bought a new position in Trustmark in the first quarter worth approximately $52,000. Innealta Capital LLC bought a new position in Trustmark in the second quarter worth approximately $61,000. nVerses Capital LLC bought a new position in Trustmark in the third quarter worth approximately $67,000. Finally, CWM LLC increased its position in shares of Trustmark by 14.6% during the second quarter. CWM LLC now owns 4,783 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 611 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Trustmark Stock Performance

Shares of NASDAQ TRMK traded down $0.51 during trading on Friday, reaching $34.21. 281,972 shares of the company traded hands, compared to its average volume of 272,493. The firm’s fifty day simple moving average is $32.93 and its 200 day simple moving average is $31.24. The stock has a market cap of $2.09 billion, a P/E ratio of 10.34 and a beta of 0.73. Trustmark Co. has a 12-month low of $20.04 and a 12-month high of $36.14. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. The business had revenue of $192.30 million during the quarter, compared to analyst estimates of $192.77 million. Trustmark had a return on equity of 9.48% and a net margin of 17.62%. During the same quarter last year, the business posted $0.64 EPS. As a group, research analysts anticipate that Trustmark Co. will post 2.93 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, November 29th. Trustmark’s dividend payout ratio (DPR) is presently 27.79%.

Insider Activity

In other news, Director Marcelo L. Eduardo sold 790 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $35.89, for a total transaction of $28,353.10. Following the sale, the director now directly owns 7,334 shares in the company, valued at $263,217.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price target on Trustmark from $35.00 to $36.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. DA Davidson upped their price target on Trustmark from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. StockNews.com raised Trustmark from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Hovde Group raised their target price on Trustmark from $34.00 to $37.00 and gave the stock a “market perform” rating in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.20.

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.