Vanguard Group Inc. Lowers Stock Position in Trustmark Corporation $TRMK

Key Points

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Vanguard Group Inc. trimmed its stake in shares of Trustmark Corporation (NASDAQ:TRMK - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,575,176 shares of the financial services provider's stock after selling 111,071 shares during the period. Vanguard Group Inc. owned about 10.81% of Trustmark worth $226,778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Lazard Asset Management LLC acquired a new stake in shares of Trustmark during the 4th quarter valued at approximately $47,000. IFP Advisors Inc acquired a new position in shares of Trustmark during the 1st quarter worth approximately $51,000. GAMMA Investing LLC raised its position in shares of Trustmark by 41.0% during the 1st 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 during the last quarter. Sterling Capital Management LLC raised its position in shares of Trustmark by 817.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,918 shares of the financial services provider's stock worth $68,000 after purchasing an additional 1,709 shares during the last quarter. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Trustmark during the 4th quarter worth approximately $82,000. 67.64% of the stock is currently owned by institutional investors and hedge funds.

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 completion of the sale, the director directly owned 8,577 shares of the company's stock, valued at approximately $330,128.73. The trade was a 7.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gerard R. Host sold 20,970 shares of the business's stock in a transaction 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 sale, the director directly owned 158,360 shares of the company's stock, 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. 1.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Hovde Group lifted their price objective on Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Wall Street Zen downgraded Trustmark from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Finally, DA Davidson lifted their price objective on Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Trustmark has a consensus rating of "Hold" and a consensus target price of $41.00.

Trustmark Trading Up 5.1%

TRMK stock traded up $1.97 during midday trading on Friday, hitting $40.35. The stock had a trading volume of 372,263 shares, compared to its average volume of 256,709. The firm has a market cap of $2.44 billion, a PE ratio of 11.33 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.86. Trustmark Corporation has a 12-month low of $29.77 and a 12-month high of $40.73. The company's 50-day moving average price is $37.43 and its 200 day moving average price is $35.65.

Trustmark (NASDAQ:TRMK - Get Free Report) last released 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. The firm had revenue of $203.44 million during the quarter, compared to analysts' expectations of $200.35 million. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. During the same period in the previous year, the company earned $0.66 EPS. On average, equities research analysts predict that Trustmark Corporation will post 3.42 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The company 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 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 29th. Trustmark's payout ratio is presently 26.97%.

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.