Synovus Financial Corp Purchases 15,485 Shares of Trustmark Co. (NASDAQ:TRMK)

Synovus Financial Corp raised its position in shares of Trustmark Co. (NASDAQ:TRMK) by 101.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Magnolia Capital Advisors LLC purchased a new stake in Trustmark in the second quarter worth about $1,081,000. State Street Corp raised its holdings in shares of Trustmark by 0.8% in the 3rd quarter. State Street Corp now owns 3,090,988 shares of the financial services provider’s stock valued at $98,355,000 after purchasing an additional 24,450 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Trustmark by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,050,787 shares of the financial services provider’s stock valued at $121,683,000 after purchasing an additional 64,334 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of Trustmark by 19.8% in the 3rd quarter. Verition Fund Management LLC now owns 778,312 shares of the financial services provider’s stock worth $24,766,000 after purchasing an additional 128,834 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of Trustmark during the second quarter valued at approximately $1,372,000. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other news, Director Gerard R. Host sold 26,416 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $39.73, for a total value of $1,049,507.68. Following the sale, the director now directly owns 26,792 shares of the company’s stock, valued at $1,064,446.16. This represents a 49.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marcelo L. Eduardo sold 790 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $35.89, for a total transaction of $28,353.10. Following 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 disclosure for this sale can be found here. Insiders have sold 34,206 shares of company stock valued at $1,347,991 over the last ninety days. 1.50% of the stock is currently owned by insiders.

Trustmark Stock Up 1.4 %

Shares of TRMK stock opened at $38.07 on Tuesday. The stock’s fifty day moving average price is $36.72 and its 200 day moving average price is $33.21. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.86. Trustmark Co. has a 1-year low of $25.24 and a 1-year high of $40.73. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 11.50 and a beta of 0.75.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.02. The firm had revenue of $192.30 million for 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 prior year, the company posted $0.64 earnings per share. On average, research analysts expect that Trustmark Co. will post 2.94 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st were paid a dividend of $0.23 per share. The ex-dividend date was Friday, November 29th. This represents a $0.92 annualized dividend and a dividend yield of 2.42%. Trustmark’s payout ratio is currently 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.