Bank of New York Mellon Corp Decreases Stake in Trustmark Corporation (NASDAQ:TRMK)

Bank of New York Mellon Corp reduced its stake in shares of Trustmark Corporation (NASDAQ:TRMK) by 4.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 521,585 shares of the financial services provider’s stock after selling 22,382 shares during the period. Bank of New York Mellon Corp owned approximately 0.86% of Trustmark worth $17,989,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC purchased a new stake in shares of Trustmark during the 4th quarter worth $47,000. GAMMA Investing LLC boosted its position in shares of Trustmark by 41.0% in the 1st quarter. GAMMA Investing LLC now owns 1,809 shares of the financial services provider’s stock worth $62,000 after buying an additional 526 shares in the last quarter. Sterling Capital Management LLC grew its stake in Trustmark by 817.7% in the 4th quarter. Sterling Capital Management LLC now owns 1,918 shares of the financial services provider’s stock valued at $68,000 after acquiring an additional 1,709 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new stake in Trustmark in the 4th quarter valued at about $82,000. Finally, Public Employees Retirement System of Ohio grew its stake in Trustmark by 165.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 3,289 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 2,051 shares during the last quarter. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

Trustmark Trading Up 0.7%

Shares of TRMK stock opened at $38.55 on Friday. The firm has a market cap of $2.33 billion, a P/E ratio of 10.04 and a beta of 0.66. Trustmark Corporation has a 1-year low of $29.77 and a 1-year high of $40.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.86. The firm’s 50-day simple moving average is $35.94 and its 200-day simple moving average is $35.22.

Trustmark (NASDAQ:TRMK) last announced its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The business had revenue of $231.83 million for the quarter, compared to analyst estimates of $195.38 million. Trustmark had a net margin of 20.73% and a return on equity of 10.29%. As a group, equities analysts forecast that Trustmark Corporation will post 3.42 EPS for the current year.

Trustmark Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 15th. Investors of record on Sunday, June 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.96 annualized dividend and a yield of 2.49%. Trustmark’s payout ratio is 25.00%.

Analyst Ratings Changes

A number of brokerages recently commented on TRMK. Keefe, Bruyette & Woods lowered their price objective on shares of Trustmark from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Wall Street Zen cut shares of Trustmark from a “buy” rating to a “hold” rating in a research note on Saturday, June 7th. Finally, Hovde Group raised their price target on shares of Trustmark from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Monday, April 28th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Trustmark currently has a consensus rating of “Hold” and a consensus target price of $39.80.

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.