Victory Capital Management Inc. Cuts Stock Position in Trustmark Co. (NASDAQ:TRMK)

Victory Capital Management Inc. lessened its stake in Trustmark Co. (NASDAQ:TRMK) by 86.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,718 shares of the financial services provider’s stock after selling 176,764 shares during the period. Victory Capital Management Inc.’s holdings in Trustmark were worth $833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in Trustmark by 62.1% in the second quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 351 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in Trustmark in the first quarter worth about $52,000. Innealta Capital LLC acquired a new stake in Trustmark in the second quarter worth about $61,000. CWM LLC boosted its holdings in Trustmark by 14.6% in the second quarter. CWM LLC now owns 4,783 shares of the financial services provider’s stock worth $144,000 after acquiring an additional 611 shares in the last quarter. Finally, ZWJ Investment Counsel Inc. acquired a new stake in Trustmark in the second quarter worth about $238,000. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TRMK. DA Davidson raised their price target on Trustmark from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Truist Financial decreased their target price on Trustmark from $37.00 to $35.00 and set a “hold” rating for the company in a report on Friday. 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, the company currently has a consensus rating of “Hold” and an average target price of $34.50.

Trustmark Trading Down 2.6 %

Trustmark stock opened at $32.72 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.10. Trustmark Co. has a 52 week low of $18.96 and a 52 week high of $35.72. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 12.73 and a beta of 0.74. The stock has a 50-day moving average price of $32.63 and a 200 day moving average price of $29.93.

Trustmark (NASDAQ:TRMK) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.03. Trustmark had a return on equity of 9.32% and a net margin of 16.24%. The company had revenue of $283.96 million during the quarter, compared to the consensus estimate of $229.83 million. During the same period in the previous year, the company posted $0.74 earnings per share. Sell-side analysts anticipate that Trustmark Co. will post 2.93 EPS for the current year.

Trustmark Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Friday, August 30th. Trustmark’s payout ratio is presently 35.80%.

Trustmark 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.