Invesco Ltd. Sells 35,091 Shares of Trustmark Corporation $TRMK

Key Points

• Invesco Ltd. reduced its stake in Trustmark Corporation by 5.9% during the first quarter, owning approximately 0.93% of the company valued at $19.44 million after selling 35,091 shares.
• Trustmark Corporation reported a quarterly EPS of $0.92, beating the consensus estimate of $0.86, with a revenue of $203.44 million.
• The company recently declared a quarterly dividend of $0.24 per share, representing an annualized yield of 2.5% with a payout ratio of 26.97%.

Invesco Ltd. lessened its stake in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 5.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 563,770 shares of the financial services provider's stock after selling 35,091 shares during the quarter. Invesco Ltd. owned about 0.93% of Trustmark worth $19,444,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Headlands Technologies LLC increased its position in Trustmark by 19.5% in the 1st quarter. Headlands Technologies LLC now owns 21,783 shares of the financial services provider's stock valued at $751,000 after acquiring an additional 3,559 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Trustmark by 11.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 993,941 shares of the financial services provider's stock valued at $34,281,000 after acquiring an additional 99,134 shares in the last quarter. PNC Financial Services Group Inc. increased its position 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 in the last quarter. Natixis Advisors LLC acquired a new stake in Trustmark in the 1st quarter valued at about $413,000. Finally, Federated Hermes Inc. increased its position 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 in the last quarter. Institutional investors and hedge funds own 67.64% of the company's stock.

Trustmark Trading Up 0.1%

Trustmark stock traded up $0.03 during midday trading on Wednesday, hitting $40.63. 227,096 shares of the stock were exchanged, compared to its average volume of 260,132. The company has a fifty day simple moving average of $37.83 and a two-hundred day simple moving average of $35.71. Trustmark Corporation has a 52 week low of $29.77 and a 52 week high of $40.81. The stock has a market capitalization of $2.45 billion, a PE ratio of 11.41 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 released its quarterly earnings data 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. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. The business had revenue of $203.44 million for the quarter, compared to analyst estimates of $200.35 million. During the same quarter last year, the firm earned $0.66 EPS. Equities research analysts anticipate that Trustmark Corporation will post 3.42 EPS for the current fiscal 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.96 annualized dividend and a yield of 2.4%. Trustmark's dividend payout ratio (DPR) is presently 26.97%.

Insider Activity at Trustmark

In other Trustmark 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 owned 8,577 shares of the company's stock, valued at approximately $330,128.73. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 approximately $6,095,276.40. The trade was a 11.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,226 shares of company stock worth $897,299 in the last three months. 1.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.