Charles Schwab Investment Management Inc. Has $34.28 Million Stock Position in Trustmark Corporation $TRMK

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Trustmark Corporation by 11.1% during Q1, now owning 993,941 shares valued at approximately $34.28 million.
• Trustmark recently reported earnings of $0.92 per share, exceeding analyst estimates by $0.06, along with a revenue of $203.44 million for the latest quarter.
• The company announced a quarterly dividend of $0.24 per share, representing a 2.5% yield and a payout ratio of 26.97%.

Charles Schwab Investment Management Inc. boosted its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 993,941 shares of the financial services provider's stock after purchasing an additional 99,134 shares during the period. Charles Schwab Investment Management Inc. owned about 1.63% of Trustmark worth $34,281,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in Trustmark by 13.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,071 shares of the financial services provider's stock valued at $382,000 after acquiring an additional 1,304 shares during the period. Natixis Advisors LLC bought a new position in Trustmark in the 1st quarter valued at about $413,000. Federated Hermes Inc. raised its holdings in Trustmark by 0.6% in the 1st quarter. Federated Hermes Inc. now owns 341,927 shares of the financial services provider's stock valued at $11,793,000 after acquiring an additional 2,050 shares during the period. LPL Financial LLC raised its holdings in Trustmark by 0.6% in the 1st quarter. LPL Financial LLC now owns 64,802 shares of the financial services provider's stock valued at $2,235,000 after acquiring an additional 415 shares during the period. Finally, Wakefield Asset Management LLLP raised its holdings in Trustmark by 7.3% in the 1st quarter. Wakefield Asset Management LLLP now owns 35,157 shares of the financial services provider's stock valued at $1,213,000 after acquiring an additional 2,385 shares during the period. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRMK has been the topic of several research analyst reports. Wall Street Zen cut shares of Trustmark from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Hovde Group increased their price target on shares of Trustmark from $37.00 to $41.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Finally, DA Davidson increased their price target on shares of Trustmark from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Trustmark has a consensus rating of "Hold" and an average target price of $41.00.

Trustmark Stock Performance

Shares of TRMK traded up $1.97 during mid-day trading on Friday, hitting $40.35. 372,263 shares of the company's stock were exchanged, compared to its average volume of 256,709. Trustmark Corporation has a 52 week low of $29.77 and a 52 week high of $40.73. The stock's 50-day simple moving average is $37.43 and its 200-day simple moving average is $35.65. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 11.33 and a beta of 0.70. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.09.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.06. The business had revenue of $203.44 million for the quarter, compared to analysts' expectations of $200.35 million. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. During the same period last year, the firm posted $0.66 earnings per share. On average, equities research analysts expect that Trustmark Corporation will post 3.42 EPS for the current year.

Trustmark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 29th. Trustmark's dividend payout ratio (DPR) is 26.97%.

Insider Buying and Selling

In related news, Director Marcelo L. Eduardo sold 700 shares of Trustmark stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $38.49, for a total value of $26,943.00. Following the transaction, the director directly owned 8,577 shares of the company's stock, valued at $330,128.73. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gerard R. Host sold 20,970 shares of Trustmark stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $38.49, for a total transaction of $807,135.30. Following the completion of the transaction, the director directly owned 158,360 shares in the company, valued at $6,095,276.40. This trade represents a 11.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.50% of the company's stock.

Trustmark Company 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.