Hanson & Doremus Investment Management Buys New Position in Trustmark Co. (NASDAQ:TRMK)

Hanson & Doremus Investment Management purchased a new position in shares of Trustmark Co. (NASDAQ:TRMK - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 139,788 shares of the financial services provider's stock, valued at approximately $4,199,000. Trustmark accounts for approximately 0.7% of Hanson & Doremus Investment Management's investment portfolio, making the stock its 26th biggest position. Hanson & Doremus Investment Management owned about 0.23% of Trustmark at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Trustmark by 62.1% in the second 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 last quarter. Louisiana State Employees Retirement System lifted its position in shares of Trustmark by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 30,800 shares of the financial services provider's stock valued at $925,000 after acquiring an additional 600 shares in the last quarter. CWM LLC increased its position in Trustmark by 14.6% during the 2nd quarter. CWM LLC now owns 4,783 shares of the financial services provider's stock worth $144,000 after purchasing an additional 611 shares in the last quarter. Texas Permanent School Fund Corp raised its stake in Trustmark by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 53,449 shares of the financial services provider's stock valued at $1,502,000 after purchasing an additional 716 shares during the last quarter. Finally, Barnes Pettey Financial Advisors LLC grew its holdings in shares of Trustmark by 9.2% during the second quarter. Barnes Pettey Financial Advisors LLC now owns 8,882 shares of the financial services provider's stock worth $267,000 after buying an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company's stock.

Trustmark Trading Up 3.1 %

Shares of TRMK traded up $0.97 during mid-day trading on Friday, hitting $32.19. The company had a trading volume of 170,224 shares, compared to its average volume of 278,336. Trustmark Co. has a 1-year low of $18.96 and a 1-year high of $35.72. The business's 50-day simple moving average is $32.37 and its 200-day simple moving average is $29.71. The stock has a market cap of $1.97 billion, a PE ratio of 12.53 and a beta of 0.74. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.10.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.03. The company had revenue of $283.96 million for the quarter, compared to analyst estimates of $229.83 million. Trustmark had a net margin of 16.24% and a return on equity of 9.32%. During the same quarter last year, the business earned $0.74 EPS. Sell-side analysts forecast that Trustmark Co. will post 2.93 earnings per share for the current year.

Trustmark Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Friday, August 30th. Trustmark's dividend payout ratio (DPR) is presently 35.80%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRMK. Truist Financial upped their price objective on shares of Trustmark from $31.00 to $37.00 and gave the company a "hold" rating in a research note on Thursday, July 25th. DA Davidson boosted their price target on Trustmark from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Trustmark has a consensus rating of "Hold" and a consensus price target of $35.00.

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.