HB Wealth Management LLC Decreases Stock Position in Trustmark Corporation $TRMK

Key Points

• HB Wealth Management LLC reduced its stake in Trustmark Corporation by 85.4% in Q2, holding 10,903 shares after selling 63,732 shares.
• Trustmark reported earnings of $0.92 per share for the last quarter, surpassing analysts' estimates of $0.86, with a revenue of $203.44 million.
• The company declared a quarterly dividend of $0.24 per share, which translates to an annualized yield of 2.4% based on its current payout ratio of 26.97%.

HB Wealth Management LLC lessened its stake in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 85.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,903 shares of the financial services provider's stock after selling 63,732 shares during the period. HB Wealth Management LLC's holdings in Trustmark were worth $398,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TRMK. IFP Advisors Inc purchased a new position in Trustmark in the 1st quarter worth approximately $51,000. State of Wyoming bought a new position in shares of Trustmark in the first quarter worth approximately $52,000. GAMMA Investing LLC increased its stake in shares of Trustmark by 41.0% in the first quarter. GAMMA Investing LLC now owns 1,809 shares of the financial services provider's stock worth $62,000 after buying an additional 526 shares during the period. CWM LLC raised its holdings in Trustmark by 9.7% during the 1st quarter. CWM LLC now owns 5,655 shares of the financial services provider's stock valued at $195,000 after buying an additional 502 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Trustmark during the 4th quarter valued at $212,000. 67.64% of the stock is currently owned by institutional investors.

Trustmark Price Performance

Shares of NASDAQ:TRMK opened at $39.65 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.88. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 11.14 and a beta of 0.67. The business has a 50-day simple moving average of $39.25 and a two-hundred day simple moving average of $36.52. Trustmark Corporation has a fifty-two week low of $29.77 and a fifty-two week high of $41.33.

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

Trustmark Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TRMK shares. DA Davidson raised their price target on shares of Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Trustmark in a report on Saturday, September 27th. Hovde Group raised their target price on Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. Finally, Zacks Research lowered Trustmark from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Trustmark currently has a consensus rating of "Hold" and an average price target of $41.00.

Insider Buying and Selling at Trustmark

In other Trustmark 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 of the company's stock, valued at approximately $6,095,276.40. This represents a 11.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marcelo L. Eduardo sold 700 shares of the firm's 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 completion of the transaction, the director directly owned 8,577 shares in the company, valued at $330,128.73. The trade was a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,226 shares of company stock worth $897,299 over the last three months. Insiders own 1.50% of the company's stock.

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.

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