Synovus Financial Corp Boosts Stake in Trustmark Co. (NASDAQ:TRMK)

Synovus Financial Corp boosted its stake in shares of Trustmark Co. (NASDAQ:TRMK - Free Report) by 101.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,758 shares of the financial services provider's stock after purchasing an additional 15,485 shares during the period. Synovus Financial Corp owned about 0.05% of Trustmark worth $979,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of Trustmark by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,050,787 shares of the financial services provider's stock worth $121,683,000 after purchasing an additional 64,334 shares in the last quarter. Earnest Partners LLC boosted its holdings in Trustmark by 3.1% in the 2nd quarter. Earnest Partners LLC now owns 3,442,019 shares of the financial services provider's stock worth $103,398,000 after buying an additional 102,268 shares during the period. State Street Corp increased its stake in Trustmark by 0.8% in the 3rd quarter. State Street Corp now owns 3,090,988 shares of the financial services provider's stock worth $98,355,000 after buying an additional 24,450 shares in the last quarter. Geode Capital Management LLC raised its holdings in Trustmark by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,461,545 shares of the financial services provider's stock valued at $46,515,000 after acquiring an additional 15,627 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Trustmark by 32.6% in the third quarter. Wellington Management Group LLP now owns 1,356,853 shares of the financial services provider's stock valued at $43,175,000 after acquiring an additional 333,390 shares in the last quarter. Institutional investors own 67.64% of the company's stock.

Insider Buying and Selling

In other Trustmark news, Director Marcelo L. Eduardo sold 790 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $35.89, for a total transaction of $28,353.10. Following the completion of the transaction, the director now directly owns 7,334 shares of the company's stock, valued at approximately $263,217.26. This trade represents a 9.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gerard R. Host sold 7,000 shares of the firm's stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $38.59, for a total transaction of $270,130.00. Following the transaction, the director now directly owns 16,500 shares of the company's stock, valued at approximately $636,735. This trade represents a 29.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,206 shares of company stock worth $1,347,991 in the last ninety days. 1.50% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on TRMK. StockNews.com upgraded Trustmark from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Hovde Group increased their price objective on shares of Trustmark from $34.00 to $37.00 and gave the company a "market perform" rating in a report on Tuesday, October 29th. DA Davidson lifted their price objective on shares of Trustmark from $35.00 to $38.00 and gave the company a "neutral" rating in a research report on Thursday, October 24th. Finally, Truist Financial upped their target price on shares of Trustmark from $35.00 to $36.00 and gave the stock a "hold" rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Trustmark presently has a consensus rating of "Hold" and an average price target of $35.20.

Trustmark Trading Down 2.8 %

Trustmark stock traded down $1.05 during mid-day trading on Tuesday, hitting $37.02. The company's stock had a trading volume of 228,890 shares, compared to its average volume of 280,106. Trustmark Co. has a one year low of $25.24 and a one year high of $40.73. The stock has a market cap of $2.26 billion, a PE ratio of 11.19 and a beta of 0.75. The company has a 50 day moving average of $36.72 and a 200-day moving average of $33.21. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.87.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.02. The firm had revenue of $192.30 million during the quarter, compared to the consensus estimate of $192.77 million. Trustmark had a net margin of 17.62% and a return on equity of 9.48%. During the same quarter in the previous year, the firm posted $0.64 earnings per share. On average, research analysts anticipate that Trustmark Co. will post 2.94 EPS for the current year.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st were given a $0.23 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.49%. Trustmark's payout ratio is 27.79%.

Trustmark Profile

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.