Verition Fund Management LLC Grows Stake in Trustmark Co. (NASDAQ:TRMK)

Verition Fund Management LLC grew its stake in shares of Trustmark Co. (NASDAQ:TRMK) by 19.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 778,312 shares of the financial services provider’s stock after acquiring an additional 128,834 shares during the period. Verition Fund Management LLC owned about 1.27% of Trustmark worth $24,766,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. American Century Companies Inc. grew its holdings in Trustmark by 25.3% during the second quarter. American Century Companies Inc. now owns 986,322 shares of the financial services provider’s stock valued at $29,629,000 after purchasing an additional 199,245 shares during the period. Hanson & Doremus Investment Management bought a new position in shares of Trustmark during the 2nd quarter worth $4,199,000. Earnest Partners LLC increased its holdings in Trustmark by 3.1% in the 2nd quarter. Earnest Partners LLC now owns 3,442,019 shares of the financial services provider’s stock worth $103,398,000 after acquiring an additional 102,268 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Trustmark by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,050,787 shares of the financial services provider’s stock valued at $121,683,000 after purchasing an additional 64,334 shares during the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. bought a new position in Trustmark during the second quarter worth about $1,866,000. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Wall Street Analyst Weigh In

TRMK has been the topic of a number of recent research reports. Hovde Group upped their price target on shares of Trustmark from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Tuesday, October 29th. Truist Financial raised their price target on Trustmark from $35.00 to $36.00 and gave the stock a “hold” rating in a report on Friday, October 25th. StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, DA Davidson raised their target price on Trustmark from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Trustmark has a consensus rating of “Hold” and a consensus price target of $35.20.

Insider Buying and Selling at Trustmark

In related news, Director Marcelo L. Eduardo sold 790 shares of the stock in a transaction on 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 of the company’s stock, valued at $263,217.26. This trade represents a 9.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gerard R. Host sold 26,416 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $39.73, for a total value of $1,049,507.68. Following the completion of the transaction, the director now directly owns 26,792 shares of the company’s stock, valued at approximately $1,064,446.16. This trade represents a 49.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,206 shares of company stock worth $1,347,991. 1.50% of the stock is owned by corporate insiders.

Trustmark Price Performance

Shares of NASDAQ TRMK opened at $39.68 on Friday. Trustmark Co. has a 1 year low of $22.11 and a 1 year high of $40.73. The stock has a market capitalization of $2.43 billion, a P/E ratio of 11.99 and a beta of 0.72. The company’s 50-day moving average is $35.14 and its 200 day moving average is $32.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.86.

Trustmark (NASDAQ:TRMK) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.02. The firm had revenue of $192.30 million for the quarter, compared to the consensus estimate of $192.77 million. Trustmark had a net margin of 17.62% and a return on equity of 9.48%. During the same period in the prior year, the firm earned $0.64 EPS. On average, sell-side analysts expect that Trustmark Co. will post 2.94 earnings per share for the current year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, November 29th. Trustmark’s dividend payout ratio (DPR) is 27.79%.

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.