Trustmark Corporation $TRMK Stake Decreased by Earnest Partners LLC

Key Points

• Earnest Partners LLC has decreased its holdings in Trustmark Corporation (NASDAQ:TRMK) by 1.8%, now owning approximately 5.38% of the company, equating to about $112 million.
• Trustmark's stock has received mixed ratings from analysts, with two giving a "Buy" rating and three a "Hold" rating, leading to a consensus "Hold" rating and a target price of $41.00.
• The company recently announced a quarterly dividend of $0.24 per share, reflecting an annual yield of 2.4%, and reported earnings that exceeded analysts' expectations with $0.92 EPS.

Earnest Partners LLC cut its holdings in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) by 1.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,251,367 shares of the financial services provider's stock after selling 60,061 shares during the period. Earnest Partners LLC owned about 5.38% of Trustmark worth $112,140,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TRMK. Lazard Asset Management LLC acquired a new stake in shares of Trustmark during the fourth quarter valued at about $47,000. IFP Advisors Inc acquired a new stake in shares of Trustmark during the first quarter valued at about $51,000. GAMMA Investing LLC grew its stake in 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 purchasing an additional 526 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in Trustmark in the fourth quarter valued at about $82,000. Finally, Public Employees Retirement System of Ohio increased its holdings in Trustmark by 165.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 3,289 shares of the financial services provider's stock valued at $116,000 after buying an additional 2,051 shares during the last quarter. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TRMK shares. Hovde Group boosted their price objective on Trustmark from $37.00 to $41.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Wall Street Zen lowered Trustmark from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. Finally, DA Davidson boosted their price objective on Trustmark from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $41.00.

Trustmark Stock Performance

TRMK stock traded down $0.25 during midday trading on Friday, reaching $40.27. The company had a trading volume of 182,180 shares, compared to its average volume of 253,808. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The stock has a 50 day moving average price of $38.09 and a 200 day moving average price of $35.74. Trustmark Corporation has a fifty-two week low of $29.77 and a fifty-two week high of $40.81. The firm has a market capitalization of $2.43 billion, a PE ratio of 11.31 and a beta of 0.70.

Trustmark (NASDAQ:TRMK - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.06. Trustmark had a return on equity of 10.81% and a net margin of 19.21%.The company had revenue of $203.44 million during the quarter, compared to the consensus estimate of $200.35 million. During the same period in the previous year, the firm posted $0.66 earnings per share. Analysts anticipate 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 will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, August 29th. Trustmark's payout ratio is presently 26.97%.

Insider Buying and Selling

In other news, Director Gerard R. Host sold 1,556 shares of Trustmark stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $40.63, for a total transaction of $63,220.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the director directly owned 8,577 shares in the company, valued at approximately $330,128.73. This trade represents a 7.55% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,226 shares of company stock worth $897,299. Corporate 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.