Corebridge Financial Inc. Has $1.15 Million Stock Position in Trustmark Co. (NASDAQ:TRMK)

Corebridge Financial Inc. reduced its stake in shares of Trustmark Co. (NASDAQ:TRMK) by 7.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 32,411 shares of the financial services provider’s stock after selling 2,533 shares during the quarter. Corebridge Financial Inc.’s holdings in Trustmark were worth $1,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its holdings in Trustmark by 6.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 32,926 shares of the financial services provider’s stock valued at $1,048,000 after acquiring an additional 2,137 shares in the last quarter. FMR LLC raised its stake in shares of Trustmark by 143.4% in the third quarter. FMR LLC now owns 6,851 shares of the financial services provider’s stock valued at $218,000 after purchasing an additional 4,036 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Trustmark by 93.4% in the third quarter. BNP Paribas Financial Markets now owns 23,767 shares of the financial services provider’s stock worth $756,000 after purchasing an additional 11,477 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Trustmark by 11.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,991 shares of the financial services provider’s stock worth $413,000 after buying an additional 1,381 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Trustmark during the third quarter worth $130,000. 67.64% of the stock is owned by institutional investors.

Trustmark Trading Down 3.2 %

Shares of TRMK stock opened at $30.82 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $1.87 billion, a P/E ratio of 8.47 and a beta of 0.71. Trustmark Co. has a 12-month low of $25.41 and a 12-month high of $40.73. The firm has a 50-day moving average price of $35.78 and a 200 day moving average price of $35.59.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.09. Trustmark had a return on equity of 10.12% and a net margin of 19.42%. Research analysts forecast that Trustmark Co. will post 3.42 earnings per share for the current fiscal year.

Trustmark Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 15th. Investors of record on Saturday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.11%. This is a boost from Trustmark’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, February 28th. Trustmark’s payout ratio is currently 26.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TRMK shares. DA Davidson increased their price objective on shares of Trustmark from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Keefe, Bruyette & Woods raised their price target on shares of Trustmark from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Finally, Janney Montgomery Scott initiated coverage on Trustmark in a research note on Friday, January 24th. They issued a “buy” rating and a $42.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $40.60.

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.