Newport Trust Company LLC Reduces Stake in Trustmark Co. (NASDAQ:TRMK)

Newport Trust Company LLC lessened its holdings in shares of Trustmark Co. (NASDAQ:TRMK) by 4.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 546,409 shares of the financial services provider’s stock after selling 27,842 shares during the period. Newport Trust Company LLC owned 0.89% of Trustmark worth $16,414,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in Trustmark during the fourth quarter worth approximately $12,572,000. Norges Bank purchased a new position in shares of Trustmark in the 4th quarter valued at $10,992,000. Hsbc Holdings PLC acquired a new stake in Trustmark during the 4th quarter worth $8,215,000. Verition Fund Management LLC purchased a new stake in Trustmark in the fourth quarter valued at $5,611,000. Finally, American Century Companies Inc. boosted its stake in Trustmark by 25.3% in 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 acquiring an additional 199,245 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Trustmark Price Performance

Shares of TRMK opened at $33.60 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.86 and a current ratio of 0.87. Trustmark Co. has a fifty-two week low of $18.96 and a fifty-two week high of $35.72. The firm has a 50-day simple moving average of $32.60 and a 200-day simple moving average of $29.86. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 13.07 and a beta of 0.74.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. The company 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 period last year, the firm earned $0.74 EPS. On average, equities research analysts anticipate that Trustmark Co. will post 2.93 earnings per share for the current year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st were paid a $0.23 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.92 annualized dividend and a yield of 2.74%. Trustmark’s dividend payout ratio is currently 35.80%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial lifted their target price on Trustmark from $31.00 to $37.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. DA Davidson lifted their price target on Trustmark from $34.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Trustmark has a consensus rating of “Hold” and an average price target of $35.00.

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.