Vanguard Group Inc. Lowers Holdings in Trustmark Corporation $TRMK

Key Points

• Vanguard Group reduced its Trustmark stake by 2.0% in the fourth quarter, selling 129,146 shares and ending with 6.32 million shares worth about $246.1 million.
• Trustmark’s latest earnings beat expectations, reporting $0.95 EPS versus the $0.87 consensus and revenue of $208.07 million, while analysts currently rate the stock a cautious Hold on average.
• The company also announced a quarterly dividend of $0.25 per share, payable June 15, which works out to a 2.2% annualized yield.

Vanguard Group Inc. trimmed its position in Trustmark Corporation (NASDAQ:TRMK - Free Report) by 2.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,317,834 shares of the financial services provider's stock after selling 129,146 shares during the quarter. Vanguard Group Inc. owned 10.54% of Trustmark worth $246,080,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Richardson Financial Services Inc. lifted its holdings in shares of Trustmark by 86.7% in the 3rd quarter. Richardson Financial Services Inc. now owns 743 shares of the financial services provider's stock worth $29,000 after buying an additional 345 shares during the period. Blue Trust Inc. purchased a new stake in shares of Trustmark in the 4th quarter worth $31,000. Bessemer Group Inc. lifted its holdings in shares of Trustmark by 37.4% in the 3rd quarter. Bessemer Group Inc. now owns 1,073 shares of the financial services provider's stock worth $42,000 after buying an additional 292 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Trustmark by 452.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the financial services provider's stock worth $46,000 after buying an additional 1,022 shares during the period. Finally, IFP Advisors Inc lifted its holdings in shares of Trustmark by 24.1% in the 3rd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider's stock worth $54,000 after buying an additional 267 shares during the period. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Brean Capital assumed coverage on Trustmark in a report on Thursday, March 12th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $45.00 price target on shares of Trustmark in a research report on Thursday, April 9th. Hovde Group boosted their price target on Trustmark from $42.00 to $44.50 and gave the stock a "market perform" rating in a research report on Thursday, January 29th. Wall Street Zen raised Trustmark from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Trustmark in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $44.75.

Trustmark Trading Down 0.4%

TRMK opened at $44.73 on Friday. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 11.83 and a beta of 0.66. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. Trustmark Corporation has a 12 month low of $33.39 and a 12 month high of $45.99. The stock has a fifty day moving average price of $43.23 and a 200-day moving average price of $41.36.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.95 EPS for the quarter, topping the consensus estimate of $0.87 by $0.08. The firm had revenue of $208.07 million during the quarter, compared to analyst estimates of $204.98 million. Trustmark had a return on equity of 10.74% and a net margin of 20.12%.During the same period in the previous year, the company posted $0.88 EPS. As a group, equities research analysts anticipate that Trustmark Corporation will post 3.92 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, June 1st. Trustmark's dividend payout ratio is currently 26.46%.

About Trustmark

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark's offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.

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