Raymond James Trust N.A. Decreases Stake in Trustmark Co. (NASDAQ:TRMK)

Posted by on Apr 27th, 2023

Raymond James Trust N.A. lowered its position in Trustmark Co. (NASDAQ:TRMK – Get Rating) by 58.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 6,000 shares of the financial services provider’s stock after selling 8,325 shares during the quarter. Raymond James Trust N.A.’s holdings in Trustmark were worth $209,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Trustmark by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 6,571,952 shares of the financial services provider’s stock worth $201,299,000 after purchasing an additional 131,993 shares during the period. Dimensional Fund Advisors LP boosted its stake in Trustmark by 0.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,921,911 shares of the financial services provider’s stock worth $120,129,000 after purchasing an additional 36,670 shares during the period. Goldman Sachs Group Inc. boosted its stake in Trustmark by 39.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 872,447 shares of the financial services provider’s stock worth $25,466,000 after purchasing an additional 246,723 shares during the period. Bank of New York Mellon Corp boosted its stake in Trustmark by 0.3% in the 1st quarter. Bank of New York Mellon Corp now owns 759,564 shares of the financial services provider’s stock worth $23,081,000 after purchasing an additional 2,212 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in Trustmark by 10.8% in the 4th quarter. New York State Common Retirement Fund now owns 732,454 shares of the financial services provider’s stock worth $25,570,000 after purchasing an additional 71,278 shares during the period. Hedge funds and other institutional investors own 65.83% of the company’s stock.

Trustmark Stock Up 3.5 %

Trustmark stock opened at $23.88 on Thursday. The stock has a market cap of $1.46 billion, a PE ratio of 20.59 and a beta of 0.78. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.80 and a current ratio of 0.81. Trustmark Co. has a one year low of $22.90 and a one year high of $38.47. The stock has a fifty day moving average of $26.08 and a 200 day moving average of $31.29.

Trustmark (NASDAQ:TRMK – Get Rating) last released its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. Trustmark had a return on equity of 9.48% and a net margin of 9.47%. The firm had revenue of $188.97 million during the quarter, compared to analyst estimates of $189.76 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. As a group, sell-side analysts predict that Trustmark Co. will post 2.28 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on TRMK. StockNews.com downgraded Trustmark from a “hold” rating to a “sell” rating in a research note on Wednesday, March 15th. Piper Sandler dropped their price target on Trustmark from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Thursday, January 26th. DA Davidson started coverage on Trustmark in a research report on Monday, January 9th. They set a “neutral” rating and a $38.00 price target for the company. Keefe, Bruyette & Woods dropped their price target on Trustmark from $30.00 to $28.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Finally, Raymond James downgraded Trustmark from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 6th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $33.17.

Insider Activity

In other Trustmark news, Director Tracy T. Conerly purchased 1,500 shares of Trustmark stock in a transaction dated Friday, January 27th. The shares were purchased at an average cost of $28.24 per share, for a total transaction of $42,360.00. Following the completion of the acquisition, the director now owns 1,500 shares in the company, valued at approximately $42,360. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.40% of the company’s stock.

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.

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Institutional Ownership by Quarter for Trustmark (NASDAQ:TRMK)

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