Trustmark (NASDAQ:TRMK) Hits New 52-Week High - Time to Buy?

Key Points

• Trustmark shares hit a 52-week high, reaching $49.04 before trading at $47.32, up from the prior close of $45.56.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $47.38; recent target increases ranged up to $50, though several analysts maintain neutral or hold ratings.
• Quarterly EPS matched expectations at $1.00, while revenue of $212.26 million came in below estimates but rose 2.3% year over year. Trustmark also declared a $0.25 quarterly dividend, equivalent to a 2.1% yield.

Trustmark Corporation (NASDAQ:TRMK - Get Free Report)'s share price reached a new 52-week high on Thursday. The company traded as high as $49.04 and last traded at $47.3170, with a volume of 568,930 shares trading hands. The stock had previously closed at $45.56.

Analysts Set New Price Targets

TRMK has been the subject of a number of research reports. Piper Sandler increased their target price on shares of Trustmark from $45.50 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Wall Street Zen upgraded Trustmark from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. DA Davidson upped their price objective on Trustmark from $46.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Weiss Ratings raised Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, August 14th. Finally, Keefe, Bruyette & Woods raised their target price on Trustmark from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Trustmark currently has an average rating of "Moderate Buy" and a consensus price target of $47.38.

Trustmark Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $2.75 billion, a PE ratio of 11.86 and a beta of 0.69. The company's fifty day simple moving average is $45.58 and its 200 day simple moving average is $44.90.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its earnings results on Tuesday, October 27th. The financial services provider reported $1.00 earnings per share for the quarter, hitting the consensus estimate of $1.00. Trustmark had a net margin of 20.90% and a return on equity of 10.78%. The firm had revenue of $212.26 million during the quarter, compared to the consensus estimate of $215.04 million. During the same quarter last year, the company earned $0.94 earnings per share. The company's revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts expect that Trustmark Corporation will post 3.93 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.00 annualized dividend and a yield of 2.1%. Trustmark's dividend payout ratio (DPR) is 25.00%.

Institutional Investors Weigh In On Trustmark

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Trustmark in the second quarter worth $395,920,000. North Reef Capital Management LP bought a new stake in shares of Trustmark during the 1st quarter valued at $82,296,000. Bank of New York Mellon Corp bought a new stake in shares of Trustmark during the 2nd quarter valued at $22,676,000. Empowered Funds LLC bought a new stake in shares of Trustmark during the 2nd quarter valued at $12,209,000. Finally, Bank of America Corp DE purchased a new stake in Trustmark during the 2nd quarter worth about $9,323,000. Institutional investors own 67.64% of the company's stock.

Trustmark Company Profile

Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiary, Trustmark National Bank, the company provides commercial and consumer banking services, including deposit accounts, lending, cash management and digital banking. Trustmark also offers wealth management and insurance services to individuals and businesses. Its insurance operations provide services such as employee benefits and risk management. Founded in 1889, Trustmark serves customers across the southeastern United States, with a presence in Mississippi, Alabama, Florida, Tennessee and Texas.

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