Trustmark (NASDAQ:TRMK) Share Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Trustmark shares moved above their 200-day moving average, reaching $46.22 before closing at $45.69. The stock has a $2.65 billion market capitalization and was trading below its 50-day moving average of $46.88.
• Analysts have generally raised their price targets, with a consensus rating of “Moderate Buy” and an average target price of $47.38. Recent targets range from $47 to $50, though most analysts maintain “Hold” or “Market Perform” ratings.
• Trustmark exceeded quarterly expectations, reporting $0.97 in earnings per share versus the $0.96 estimate and revenue of $213.38 million. The company also paid a quarterly dividend of $0.25 per share, equal to a 2.2% yield.

Trustmark Corporation (NASDAQ:TRMK - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $45.11 and traded as high as $46.22. Trustmark shares last traded at $45.69, with a volume of 294,000 shares.

Analysts Set New Price Targets

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

Trustmark Trading Down 0.5%

The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 11.60 and a beta of 0.64. The company has a fifty day moving average price of $46.88 and a 200-day moving average price of $45.11. 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 (NASDAQ:TRMK - Get Free Report) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The firm had revenue of $213.38 million for the quarter, compared to analyst estimates of $210.30 million. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.Trustmark's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period last year, the company earned $0.92 earnings per share. As a group, research analysts expect that Trustmark Corporation will post 3.96 EPS for the current year.

Trustmark Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Trustmark's payout ratio is 25.38%.

Hedge Funds Weigh In On Trustmark

Several large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Trustmark during the second quarter valued at $395,920,000. North Reef Capital Management LP acquired a new position in shares of Trustmark in the first quarter worth about $82,296,000. Bank of New York Mellon Corp acquired a new position in shares of Trustmark in the second quarter worth about $22,676,000. Empowered Funds LLC purchased a new stake in shares of Trustmark during the 2nd quarter worth about $12,209,000. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Trustmark by 156.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 389,333 shares of the financial services provider's stock worth $15,165,000 after acquiring an additional 237,266 shares in the last quarter. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Trustmark Company Profile

Trustmark Corporation is a financial services company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides banking, wealth management and insurance services to individuals, businesses and institutions.

Its banking offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury management, payment services and online and mobile banking. Trustmark's wealth management business provides investment management, trust administration, financial planning and retirement services, while its insurance operations offer personal and commercial coverage through affiliated agencies.

Trustmark traces its history to 1889 and serves customers primarily across the southeastern United States, including Mississippi, Alabama, Florida, Tennessee and Texas.

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