VELA Investment Management LLC Lowers Position in Trustmark Co. (NASDAQ:TRMK)

VELA Investment Management LLC cut its stake in shares of Trustmark Co. (NASDAQ:TRMK) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,395 shares of the financial services provider’s stock after selling 1,142 shares during the period. VELA Investment Management LLC’s holdings in Trustmark were worth $904,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Trustmark by 62.1% during the second quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 351 shares in the last quarter. EntryPoint Capital LLC bought a new stake in Trustmark during the first quarter valued at about $52,000. Innealta Capital LLC bought a new stake in Trustmark during the second quarter valued at about $61,000. nVerses Capital LLC bought a new stake in Trustmark during the third quarter valued at about $67,000. Finally, CWM LLC raised its holdings in Trustmark by 14.6% during the second quarter. CWM LLC now owns 4,783 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 611 shares during the period. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Trustmark news, Director Marcelo L. Eduardo sold 790 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $35.89, for a total transaction of $28,353.10. Following the completion of the transaction, the director now owns 7,334 shares in the company, valued at $263,217.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TRMK has been the topic of a number of recent analyst reports. Hovde Group raised their price target on Trustmark from $34.00 to $37.00 and gave the company a “market perform” rating in a report on Tuesday. DA Davidson raised their price target on Trustmark from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Truist Financial lifted their target price on Trustmark from $35.00 to $36.00 and gave the stock a “hold” rating in a report on Friday, October 25th. Finally, StockNews.com raised Trustmark from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.20.

Trustmark Trading Down 1.5 %

NASDAQ TRMK traded down $0.51 during trading hours on Friday, hitting $34.21. 281,972 shares of the company were exchanged, compared to its average volume of 272,493. The stock has a 50-day moving average price of $32.93 and a 200 day moving average price of $31.24. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. Trustmark Co. has a 52 week low of $20.04 and a 52 week high of $36.14. The stock has a market cap of $2.09 billion, a PE ratio of 10.34 and a beta of 0.73.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.02. Trustmark had a return on equity of 9.48% and a net margin of 17.62%. The company had revenue of $192.30 million for the quarter, compared to analysts’ expectations of $192.77 million. During the same period in the previous year, the firm posted $0.64 earnings per share. Analysts forecast that Trustmark Co. will post 2.93 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be paid a dividend of $0.23 per share. The ex-dividend date is Friday, November 29th. This represents a $0.92 annualized dividend and a yield of 2.69%. Trustmark’s payout ratio is currently 27.79%.

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.