Rafferty Asset Management LLC Sells 10,966 Shares of Trustmark Corporation $TRMK

Key Points

• Rafferty Asset Management LLC reduced its position in Trustmark Corporation, selling 10,966 shares and now holds 44,204 shares, a 19.9% decrease.
• Trustmark announced a quarterly dividend of $0.24 per share, with the dividend payout ratio at 26.97%, and a yield of 2.4%.
• The company's earnings per share for the last quarter was $0.92, exceeding analysts' expectations, with projected earnings of 3.42 EPS for the current year.

Rafferty Asset Management LLC lessened its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 19.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 44,204 shares of the financial services provider's stock after selling 10,966 shares during the period. Rafferty Asset Management LLC owned approximately 0.07% of Trustmark worth $1,525,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Trustmark by 82.2% during the 4th quarter. Wellington Management Group LLP now owns 2,472,561 shares of the financial services provider's stock worth $87,454,000 after buying an additional 1,115,708 shares during the last quarter. Nuveen LLC acquired a new position in Trustmark during the first quarter worth about $5,697,000. Edgestream Partners L.P. raised its position in Trustmark by 172.9% during the first quarter. Edgestream Partners L.P. now owns 204,665 shares of the financial services provider's stock worth $7,059,000 after acquiring an additional 129,679 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Trustmark by 11.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 993,941 shares of the financial services provider's stock worth $34,281,000 after purchasing an additional 99,134 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Trustmark by 112.1% during the 4th quarter. Millennium Management LLC now owns 175,786 shares of the financial services provider's stock worth $6,218,000 after purchasing an additional 92,890 shares during the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wall Street Zen cut Trustmark from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Hovde Group upped their target price 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 upped their price objective 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. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $41.00.

Trustmark Stock Performance

Shares of NASDAQ:TRMK traded up $0.70 on Thursday, hitting $40.78. The company's stock had a trading volume of 363,867 shares, compared to its average volume of 313,224. Trustmark Corporation has a 12 month low of $29.77 and a 12 month high of $40.81. 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 stock's 50-day moving average is $38.39 and its two-hundred day moving average is $35.79. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 11.46 and a beta of 0.71.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The financial services provider reported $0.92 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 company had revenue of $203.44 million during the quarter, compared to analysts' expectations of $200.35 million. During the same period last year, the company posted $0.66 earnings per share. On average, equities research analysts forecast that Trustmark Corporation will post 3.42 EPS for the current year.

Trustmark Announces Dividend

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

Insider Buying and Selling

In other Trustmark news, Director Marcelo L. Eduardo sold 700 shares of the company's stock in a transaction on 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 directly owned 8,577 shares in the company, valued at $330,128.73. This 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 at this hyperlink. Also, Director Gerard R. Host sold 20,970 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $38.49, for a total transaction of $807,135.30. Following the sale, the director directly owned 158,360 shares in the company, valued at $6,095,276.40. This represents a 11.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 23,226 shares of company stock worth $897,299. 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.