PNC Financial Services Group Inc. Trims Stock Position in Trustmark Co. (NASDAQ:TRMK)

PNC Financial Services Group Inc. decreased its position in shares of Trustmark Co. (NASDAQ:TRMK) by 14.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 10,584 shares of the financial services provider’s stock after selling 1,798 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Trustmark were worth $295,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Trustmark by 3.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,802 shares of the financial services provider’s stock worth $775,000 after buying an additional 1,047 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Trustmark by 11.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,818 shares of the financial services provider’s stock valued at $385,000 after buying an additional 1,449 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its position in Trustmark by 14.9% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 13,989 shares of the financial services provider’s stock valued at $390,000 after buying an additional 1,812 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in Trustmark by 11.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 24,137 shares of the financial services provider’s stock valued at $673,000 after buying an additional 2,498 shares during the period. Finally, VELA Investment Management LLC raised its position in Trustmark by 8.6% during the 4th quarter. VELA Investment Management LLC now owns 35,037 shares of the financial services provider’s stock worth $977,000 after buying an additional 2,789 shares during the last quarter. 67.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TRMK shares. DA Davidson boosted their price target on shares of Trustmark from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Piper Sandler restated a “neutral” rating and issued a $29.00 price target on shares of Trustmark in a research note on Tuesday, March 26th. Truist Financial increased their price objective on Trustmark from $30.00 to $32.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Keefe, Bruyette & Woods upgraded shares of Trustmark from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $30.00 to $36.00 in a research report on Thursday, April 25th. Finally, StockNews.com upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $32.75.

Trustmark Trading Up 2.6 %

NASDAQ:TRMK opened at $30.04 on Monday. Trustmark Co. has a 52-week low of $18.96 and a 52-week high of $31.23. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $29.38 and a 200-day simple moving average of $27.86. The company has a market capitalization of $1.84 billion, a PE ratio of 11.69 and a beta of 0.75.

Trustmark (NASDAQ:TRMK) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. The company had revenue of $288.55 million during the quarter, compared to analysts’ expectations of $187.03 million. Trustmark had a net margin of 13.82% and a return on equity of 10.04%. During the same quarter in the previous year, the business posted $0.82 earnings per share. On average, equities research analysts expect that Trustmark Co. will post 2.77 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, May 31st. Trustmark’s dividend payout ratio (DPR) is presently 35.80%.

About Trustmark

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.