Trustmark Corporation (NASDAQ:TRMK) Plans Quarterly Dividend of $0.24

Trustmark Corporation (NASDAQ:TRMK - Get Free Report) announced a quarterly dividend on Wednesday, July 23rd, Wall Street Journal reports. Stockholders of record on Monday, September 1st will be given a dividend of 0.24 per share by the financial services provider on Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, August 29th.

Trustmark has a payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Trustmark to earn $3.51 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 27.4%.

Trustmark Price Performance

Shares of TRMK stock traded up $0.17 during mid-day trading on Friday, hitting $38.76. 82,091 shares of the stock were exchanged, compared to its average volume of 323,753. The firm has a fifty day moving average of $36.14 and a 200 day moving average of $35.32. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. Trustmark has a 52-week low of $29.77 and a 52-week high of $40.73. The company has a market cap of $2.34 billion, a PE ratio of 10.89 and a beta of 0.66.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. The firm had revenue of $203.44 million during the quarter, compared to the consensus estimate of $200.35 million. During the same quarter in the prior year, the firm earned $0.66 EPS. Research analysts anticipate that Trustmark will post 3.42 earnings per share for the current year.

Institutional Trading of Trustmark

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of Trustmark by 27.0% in the 1st quarter. Royal Bank of Canada now owns 22,127 shares of the financial services provider's stock valued at $764,000 after buying an additional 4,701 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Trustmark by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,217 shares of the financial services provider's stock worth $1,249,000 after purchasing an additional 1,592 shares during the period. Intech Investment Management LLC boosted its position in shares of Trustmark by 43.7% during the 1st quarter. Intech Investment Management LLC now owns 50,496 shares of the financial services provider's stock worth $1,742,000 after purchasing an additional 15,355 shares during the period. AQR Capital Management LLC boosted its position in shares of Trustmark by 230.8% during the 1st quarter. AQR Capital Management LLC now owns 97,234 shares of the financial services provider's stock worth $3,327,000 after purchasing an additional 67,841 shares during the period. Finally, Jane Street Group LLC boosted its position in shares of Trustmark by 297.4% during the 1st quarter. Jane Street Group LLC now owns 124,875 shares of the financial services provider's stock worth $4,307,000 after purchasing an additional 93,449 shares during the period. Hedge funds and other institutional investors own 67.64% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Trustmark from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. DA Davidson upped their price target on shares of Trustmark from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Thursday. Hovde Group upped their price target on shares of Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a research report on Thursday. Finally, Wall Street Zen downgraded shares of Trustmark from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $41.00.

Trustmark Company Profile

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.