Wellington Management Group LLP Sells 1,764,593 Shares of Trustmark Corporation $TRMK

Wellington Management Group LLP decreased its position in Trustmark Corporation (NASDAQ:TRMK) by 53.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,529,504 shares of the financial services provider’s stock after selling 1,764,593 shares during the quarter. Wellington Management Group LLP owned approximately 2.63% of Trustmark worth $70,372,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRMK. Empowered Funds LLC purchased a new position in Trustmark during the 2nd quarter valued at about $12,209,000. Jefferies Financial Group Inc. bought a new position in Trustmark during the 2nd quarter valued at approximately $799,000. Public Employees Retirement System of Ohio purchased a new stake in Trustmark in the 2nd quarter worth approximately $39,000. Bank of America Corp DE bought a new stake in shares of Trustmark in the 2nd quarter worth approximately $9,323,000. Finally, Magnolia Capital Advisors LLC bought a new stake in shares of Trustmark in the 2nd quarter worth approximately $7,062,000. 67.64% of the stock is owned by institutional investors.

Trustmark Stock Up 1.4%

TRMK stock opened at $45.82 on Thursday. Trustmark Corporation has a fifty-two week low of $36.33 and a fifty-two week high of $49.00. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 11.63 and a beta of 0.64. The business’s 50 day moving average price is $46.80 and its two-hundred day moving average price is $44.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89.

Trustmark (NASDAQ:TRMK) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The company had revenue of $213.38 million during the quarter, compared to analysts’ expectations of $210.30 million. During the same quarter last year, the business posted $0.92 EPS. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, analysts forecast that Trustmark Corporation will post 3.93 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.00 annualized dividend and a yield of 2.2%. Trustmark’s dividend payout ratio (DPR) is currently 25.38%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Weiss Ratings upgraded Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, August 14th. DA Davidson lifted their price target on shares of Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Piper Sandler upped their price objective on shares of Trustmark from $45.50 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.12.

Trustmark Company Profile

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark’s offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.