Texas Permanent School Fund Has $1.43 Million Holdings in Trustmark Co. (NASDAQ:TRMK)

Posted by Defense World Staff on May 14th, 2023

Texas Permanent School Fund cut its stake in Trustmark Co. (NASDAQ:TRMK – Get Rating) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,979 shares of the financial services provider’s stock after selling 3,038 shares during the quarter. Texas Permanent School Fund owned 0.07% of Trustmark worth $1,431,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Wipfli Financial Advisors LLC bought a new position in shares of Trustmark during the 3rd quarter worth approximately $26,000. Captrust Financial Advisors boosted its stake in shares of Trustmark by 351.1% during the second quarter. Captrust Financial Advisors now owns 5,945 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 4,627 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Trustmark during the second quarter valued at about $272,000. Advisor Group Holdings Inc. lifted its stake in shares of Trustmark by 5.7% in the first quarter. Advisor Group Holdings Inc. now owns 9,552 shares of the financial services provider’s stock worth $291,000 after acquiring an additional 514 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Trustmark by 14.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,556 shares of the financial services provider’s stock worth $334,000 after acquiring an additional 1,199 shares during the period. 65.83% of the stock is owned by institutional investors.

Trustmark Trading Up 1.1 %

Shares of Trustmark stock opened at $20.67 on Friday. The stock has a fifty day simple moving average of $24.27 and a 200 day simple moving average of $30.34. Trustmark Co. has a 12-month low of $20.28 and a 12-month high of $38.47. The company has a market capitalization of $1.26 billion, a P/E ratio of 13.69 and a beta of 0.78. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.12.

Trustmark (NASDAQ:TRMK – Get Rating) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.13. Trustmark had a return on equity of 10.96% and a net margin of 10.91%. The business had revenue of $188.97 million for the quarter, compared to analysts’ expectations of $189.76 million. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The business’s revenue was up 23.1% on a year-over-year basis. On average, sell-side analysts anticipate that Trustmark Co. will post 2.53 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be given a $0.23 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $0.92 annualized dividend and a yield of 4.45%. Trustmark’s dividend payout ratio is currently 60.93%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TRMK. TheStreet lowered Trustmark from a “b-” rating to a “c+” rating in a research note on Wednesday, March 8th. Raymond James lowered Trustmark from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 6th. Keefe, Bruyette & Woods dropped their price target on Trustmark from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Truist Financial dropped their price target on Trustmark from $37.00 to $30.00 and set a “hold” rating on the stock in a research note on Wednesday, February 1st. Finally, Piper Sandler decreased their price objective on Trustmark from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Thursday, January 26th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.17.

Trustmark Profile

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Trustmark Corp. is a bank holding company, which engages in the provision of banking, wealth management and insurance solutions. It operates through the following segments: General Banking, Wealth Management, and Insurance. The General Banking segment offers traditional banking products and service. The Wealth Management segment provides integrated financial services and traditional banking products and services, such as private banking, money management, full-service brokerage, financial planning, personal and institutional trust, and retirement services.