Verition Fund Management LLC Purchases 128,834 Shares of Trustmark Co. (NASDAQ:TRMK)

Verition Fund Management LLC increased its position in Trustmark Co. (NASDAQ:TRMK) by 19.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 778,312 shares of the financial services provider’s stock after acquiring an additional 128,834 shares during the period. Verition Fund Management LLC’s holdings in Trustmark were worth $24,766,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TRMK. GAMMA Investing LLC grew its stake in shares of Trustmark by 62.1% during the 2nd 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 during the period. GoalVest Advisory LLC purchased a new position in shares of Trustmark in the third quarter worth approximately $63,000. Innealta Capital LLC bought a new stake in Trustmark during the second quarter valued at approximately $61,000. nVerses Capital LLC purchased a new stake in Trustmark during the third quarter valued at approximately $67,000. Finally, CWM LLC increased 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 buying an additional 611 shares during the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Trustmark Stock Performance

NASDAQ TRMK opened at $39.68 on Friday. The business has a 50-day moving average price of $35.14 and a 200-day moving average price of $32.47. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 11.99 and a beta of 0.72. Trustmark Co. has a twelve month low of $22.11 and a twelve month high of $40.73. 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 (NASDAQ:TRMK) last announced its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. The business had revenue of $192.30 million during the quarter, compared to analyst estimates of $192.77 million. Trustmark had a net margin of 17.62% and a return on equity of 9.48%. During the same period last year, the firm posted $0.64 EPS. As a group, equities research analysts predict that Trustmark Co. will post 2.94 EPS for the current fiscal year.

Trustmark Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 29th. Trustmark’s payout ratio is currently 27.79%.

Insiders Place Their Bets

In related news, Director Marcelo L. Eduardo sold 790 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $35.89, for a total value of $28,353.10. Following the completion of the sale, the director now directly owns 7,334 shares in the company, valued at $263,217.26. This trade represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerard R. Host sold 26,416 shares of Trustmark stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $39.73, for a total transaction of $1,049,507.68. Following the transaction, the director now directly owns 26,792 shares of the company’s stock, valued at $1,064,446.16. The trade was a 49.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,206 shares of company stock worth $1,347,991 in the last 90 days. 1.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TRMK shares. Hovde Group boosted their price objective on shares of Trustmark from $34.00 to $37.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. DA Davidson upped their price target on Trustmark from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Truist Financial lifted their price objective on Trustmark from $35.00 to $36.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Trustmark currently has a consensus rating of “Hold” and an average target price of $35.20.

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.