Charles Schwab Investment Management Inc. Increases Stake 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. raised its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 11.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 993,941 shares of the financial services provider's stock after buying an additional 99,134 shares during the period. Charles Schwab Investment Management Inc. owned about 1.63% of Trustmark worth $34,281,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Lazard Asset Management LLC purchased a new position in shares of Trustmark in the fourth quarter valued at approximately $47,000. IFP Advisors Inc purchased a new stake in Trustmark during the 1st quarter valued at about $51,000. GAMMA Investing LLC raised its holdings in Trustmark by 41.0% in the 1st quarter. GAMMA Investing LLC now owns 1,809 shares of the financial services provider's stock valued at $62,000 after acquiring an additional 526 shares during the last quarter. Sterling Capital Management LLC lifted its stake in Trustmark by 817.7% in the 4th quarter. Sterling Capital Management LLC now owns 1,918 shares of the financial services provider's stock worth $68,000 after purchasing an additional 1,709 shares in the last quarter. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Trustmark during the 4th quarter worth approximately $82,000. 67.64% of the stock is owned by hedge funds and other institutional investors.

Trustmark Trading Up 4.7%

Shares of TRMK traded up $1.8050 during midday trading on Friday, hitting $40.1850. 168,743 shares of the stock were exchanged, compared to its average volume of 315,881. The stock has a fifty day simple moving average of $37.31 and a 200 day simple moving average of $35.65. Trustmark Corporation has a 52-week low of $29.77 and a 52-week high of $40.73. The firm has a market cap of $2.43 billion, a P/E ratio of 11.28 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.88.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. The firm had revenue of $203.44 million for the quarter, compared to the consensus estimate of $200.35 million. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. During the same period in the prior year, the firm earned $0.66 EPS. On average, research analysts anticipate that Trustmark Corporation will post 3.42 EPS for the current fiscal year.

Trustmark Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 29th. Trustmark's payout ratio is presently 26.97%.

Wall Street Analysts Forecast Growth

TRMK has been the topic of several recent research reports. Keefe, Bruyette & Woods lowered their price target on shares of Trustmark from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. DA Davidson boosted their target price on shares of Trustmark from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Hovde Group lifted their price target on shares of Trustmark from $37.00 to $41.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen cut Trustmark from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Trustmark presently has an average rating of "Hold" and an average target price of $41.00.

Insider Activity

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

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.