Northern Trust Corp Sells 18,570 Shares of Trustmark Corporation $TRMK

Key Points

• Northern Trust Corp reduced its stake in Trustmark Corporation by 2.3%, owning approximately $27.26 million worth of shares as of the latest SEC filing.
• Trustmark reported earnings of $0.92 per share, surpassing analysts' expectations and showcasing revenue of $203.44 million for the quarter.
• The company declared a quarterly dividend of $0.24 per share, with a dividend yield of 2.4%, to be paid on September 15th.

Northern Trust Corp reduced its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 790,274 shares of the financial services provider's stock after selling 18,570 shares during the quarter. Northern Trust Corp owned about 1.31% of Trustmark worth $27,257,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in Trustmark by 82.2% in the fourth quarter. Wellington Management Group LLP now owns 2,472,561 shares of the financial services provider's stock valued at $87,454,000 after purchasing an additional 1,115,708 shares during the last quarter. Nuveen LLC acquired a new position in shares of Trustmark in the 1st quarter valued at approximately $5,697,000. Edgestream Partners L.P. raised its position in shares of Trustmark by 172.9% in the 1st quarter. Edgestream Partners L.P. now owns 204,665 shares of the financial services provider's stock valued at $7,059,000 after purchasing an additional 129,679 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 99,134 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Trustmark by 112.1% in the 4th quarter. Millennium Management LLC now owns 175,786 shares of the financial services provider's stock valued at $6,218,000 after purchasing an additional 92,890 shares in the last quarter. 67.64% of the stock is owned by hedge funds and other institutional investors.

Trustmark Stock Performance

TRMK stock traded up $0.37 during mid-day trading on Thursday, reaching $40.45. 48,687 shares of the stock traded hands, compared to its average volume of 311,332. 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 Corporation has a 52 week low of $29.77 and a 52 week high of $40.81. The business has a 50-day moving average of $38.39 and a two-hundred day moving average of $35.79. The firm has a market capitalization of $2.44 billion, a PE ratio of 11.36 and a beta of 0.71.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share (EPS) 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 firm had revenue of $203.44 million during the quarter, compared to analyst estimates of $200.35 million. During the same quarter in the prior year, the business posted $0.66 earnings per share. As a group, equities analysts predict that Trustmark Corporation will post 3.42 EPS for the current fiscal year.

Trustmark Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Hovde Group lifted their price target on Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a research note on Thursday, July 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 research note on Thursday, July 24th. Finally, Wall Street Zen downgraded shares of Trustmark from a "buy" rating to a "hold" rating in a research note 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, the stock presently has a consensus rating of "Hold" and an average target price of $41.00.

Insiders Place Their Bets

In other Trustmark news, Director Marcelo L. Eduardo sold 700 shares of the 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 $26,943.00. Following the transaction, the director owned 8,577 shares in the company, valued at $330,128.73. This represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gerard R. Host sold 20,970 shares of the 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 of the company's stock, 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. Over the last three months, insiders have sold 23,226 shares of company stock worth $897,299. Insiders own 1.50% of the company's stock.

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.