Zurcher Kantonalbank Zurich Cantonalbank Increases Stake in Trustmark Co. (NASDAQ:TRMK)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Trustmark Co. (NASDAQ:TRMK) by 11.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,818 shares of the financial services provider’s stock after buying an additional 1,449 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Trustmark were worth $385,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Commonwealth Equity Services LLC grew its stake in Trustmark by 4.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 12,824 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 587 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Trustmark by 3.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,802 shares of the financial services provider’s stock valued at $775,000 after purchasing an additional 1,047 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Trustmark in the third quarter valued at approximately $28,000. Swiss National Bank lifted its position in Trustmark by 1.0% during the third quarter. Swiss National Bank now owns 127,500 shares of the financial services provider’s stock worth $2,771,000 after buying an additional 1,300 shares in the last quarter. Finally, VELA Investment Management LLC boosted its stake in Trustmark by 8.6% during the fourth quarter. VELA Investment Management LLC now owns 35,037 shares of the financial services provider’s stock worth $977,000 after buying an additional 2,789 shares during the last quarter. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TRMK. Keefe, Bruyette & Woods raised Trustmark from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $30.00 to $36.00 in a research note on Thursday, April 25th. StockNews.com raised shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Saturday, April 27th. TheStreet raised shares of Trustmark from a “c+” rating to a “b” rating in a research note on Tuesday, January 23rd. DA Davidson lifted their price target on shares of Trustmark from $30.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Truist Financial increased their price objective on Trustmark from $30.00 to $32.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $32.75.

Trustmark Price Performance

Trustmark stock opened at $30.86 on Friday. The company’s 50 day simple moving average is $27.22 and its 200-day simple moving average is $25.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.83 and a current ratio of 0.84. Trustmark Co. has a 1 year low of $18.96 and a 1 year high of $31.12. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 12.01 and a beta of 0.78.

Trustmark (NASDAQ:TRMK) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. Trustmark had a return on equity of 10.04% and a net margin of 13.82%. The company had revenue of $288.55 million for the quarter, compared to analyst estimates of $187.03 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. As a group, equities research analysts expect that Trustmark Co. will post 2.79 earnings per share for the current year.

Trustmark Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, May 31st. Trustmark’s payout ratio is 35.80%.

About Trustmark

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.