Cadence Bank Sells 700 Shares of Trustmark Co. (NASDAQ:TRMK)

Cadence Bank reduced its stake in Trustmark Co. (NASDAQ:TRMK) by 3.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,025 shares of the financial services provider’s stock after selling 700 shares during the period. Cadence Bank’s holdings in Trustmark were worth $507,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in Trustmark during the 4th quarter worth approximately $12,572,000. Norges Bank bought a new stake in Trustmark during the 4th quarter worth approximately $10,992,000. Federated Hermes Inc. grew its position in Trustmark by 2,226.6% during the 4th quarter. Federated Hermes Inc. now owns 329,081 shares of the financial services provider’s stock worth $9,175,000 after acquiring an additional 314,937 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Trustmark during the 4th quarter worth approximately $8,215,000. Finally, Verition Fund Management LLC bought a new stake in Trustmark during the 4th quarter worth approximately $5,611,000. 67.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TRMK. StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a research report on Saturday, April 27th. Truist Financial increased their price objective on Trustmark from $31.00 to $37.00 and gave the company a “hold” rating in a research report on Thursday. Keefe, Bruyette & Woods upgraded Trustmark from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $30.00 to $36.00 in a research report on Thursday, April 25th. Finally, DA Davidson increased their price target on Trustmark from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.00.

Trustmark Trading Up 3.3 %

Trustmark stock traded up $1.12 during mid-day trading on Friday, hitting $35.42. 347,804 shares of the company’s stock were exchanged, compared to its average volume of 278,729. The firm has a market capitalization of $2.17 billion, a P/E ratio of 13.78 and a beta of 0.75. Trustmark Co. has a fifty-two week low of $18.96 and a fifty-two week high of $35.42. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 0.10. The company’s 50 day simple moving average is $30.05 and its 200-day simple moving average is $28.39.

Trustmark (NASDAQ:TRMK) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. The firm had revenue of $283.96 million during the quarter, compared to analysts’ expectations of $229.83 million. Trustmark had a return on equity of 9.32% and a net margin of 16.24%. During the same quarter in the prior year, the company earned $0.74 EPS. On average, equities analysts anticipate that Trustmark Co. will post 2.75 earnings per share for the current year.

Trustmark Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Friday, August 30th. Trustmark’s payout ratio is 35.80%.

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.