Trustmark (NASDAQ:TRMK) Stock Breaks Below Two Hundred Day Moving Average - What's Next?

Key Points

• Trustmark shares fell below their 200-day moving average, trading as low as $44.47 and last at $44.73, versus a 200-day average of $44.82.
• Analysts’ consensus rating is “Moderate Buy”, with a consensus price target of $47.38; recent ratings are mostly neutral or hold.
• Trustmark matched quarterly EPS estimates at $1.00, while revenue of $212.26 million came in below forecasts. The company declared a quarterly dividend of $0.25 per share, equal to a 2.2% annual yield.

Trustmark Corporation (NASDAQ:TRMK - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $44.82 and traded as low as $44.47. Trustmark shares last traded at $44.73, with a volume of 400,741 shares.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Piper Sandler upped their price target on Trustmark from $45.50 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods raised their price objective on Trustmark from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, September 16th. Weiss Ratings upgraded Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, August 14th. DA Davidson upped their target price on Trustmark from $46.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen raised Trustmark from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. One investment 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.38.

Trustmark Trading Down 2.0%

The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 11.18 and a beta of 0.69. The company has a 50-day moving average price of $45.64 and a 200-day moving average price of $44.82. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $1.00 EPS for the quarter, hitting analysts' consensus estimates of $1.00. The business had revenue of $212.26 million for the quarter, compared to analyst estimates of $215.04 million. Trustmark had a return on equity of 10.78% and a net margin of 20.90%. The firm's revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. Research analysts predict that Trustmark Corporation will post 3.68 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. Trustmark's payout ratio is 25.00%.

Institutional Investors Weigh In On Trustmark

Several hedge funds have recently modified their holdings of TRMK. BlackRock Inc. acquired a new stake in shares of Trustmark in the 2nd quarter valued at $395,920,000. Dimensional Fund Advisors LP grew its holdings in shares of Trustmark by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,897,556 shares of the financial services provider's stock worth $164,244,000 after purchasing an additional 20,628 shares during the last quarter. North Reef Capital Management LP bought a new stake in shares of Trustmark in the 1st quarter worth about $82,296,000. Bank of New York Mellon Corp bought a new stake in shares of Trustmark in the 2nd quarter worth about $22,676,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Trustmark by 8.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 379,965 shares of the financial services provider's stock worth $16,012,000 after purchasing an additional 29,092 shares in the last quarter. 67.64% of the stock is owned by institutional investors.

About Trustmark

Trustmark Corporation NASDAQ: TRMK 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 institutional clients.

Trustmark's banking activities include deposit accounts, consumer and commercial lending, mortgages, treasury management and other financial services. Its wealth management business offers trust, investment management, financial planning and related services, while its insurance operations provide personal and commercial insurance products.

Founded in 1889, Trustmark serves customers through banking and financial services operations in Mississippi, Alabama, Florida, Tennessee and Texas.

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