Trustmark (NASDAQ:TRMK) Hits New 52-Week High - Here's What Happened

Key Points

• Trustmark shares hit a new 52-week high of $45.52 (last $45.516) during mid-day trading and were up about 2.1%, while analyst coverage ranges from Buy to Hold with an average target of $44.50 and Brean Capital initiating coverage with a Buy.
• Quarterly results topped expectations—EPS $0.97 vs. $0.91 and revenue $209.44M vs. $207.05M—and analysts forecast full-year EPS of $3.42, with a P/E of 12.26.
• Dividend was increased to $0.25 quarterly (annualized $1.00) for a 2.2% yield and a 26.95% payout ratio, and institutional investors own roughly 67.6% of the shares.

Trustmark Corporation (NASDAQ:TRMK - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $45.52 and last traded at $45.5160, with a volume of 329498 shares trading hands. The stock had previously closed at $44.51.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Brean Capital assumed coverage on shares of Trustmark in a research note on Thursday, March 12th. They set a "buy" rating for the company. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $45.00 target price on shares of Trustmark in a research note on Thursday. Wall Street Zen raised shares of Trustmark from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. DA Davidson boosted their target price on shares of Trustmark from $42.00 to $44.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. Finally, Hovde Group boosted their target price on shares of Trustmark from $42.00 to $44.50 and gave the company a "market perform" rating in a research note on Thursday, January 29th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Trustmark has an average rating of "Hold" and an average target price of $44.50.

Trustmark Trading Up 2.1%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89. The company's fifty day simple moving average is $42.87 and its 200-day simple moving average is $40.62. The company has a market capitalization of $2.67 billion, a P/E ratio of 12.26 and a beta of 0.65.

Trustmark (NASDAQ:TRMK - Get Free Report) last issued its earnings results on Tuesday, January 27th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.06. Trustmark had a net margin of 19.95% and a return on equity of 10.77%. The company had revenue of $209.44 million for the quarter, compared to analysts' expectations of $207.05 million. During the same period in the prior year, the business earned $0.92 EPS. Research analysts predict that Trustmark Corporation will post 3.42 earnings per share for the current year.

Trustmark Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, March 15th. Stockholders of record on Sunday, March 1st were issued a $0.25 dividend. The ex-dividend date was Friday, February 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Trustmark's previous quarterly dividend of $0.24. Trustmark's dividend payout ratio (DPR) is 26.95%.

Institutional Trading of Trustmark

Several hedge funds have recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Trustmark by 8.9% during the third quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider's stock valued at $153,802,000 after buying an additional 316,851 shares during the last quarter. Geode Capital Management LLC increased its holdings in Trustmark by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,491,837 shares of the financial services provider's stock worth $58,112,000 after buying an additional 9,198 shares during the period. UBS Group AG increased its holdings in Trustmark by 282.0% in the 4th quarter. UBS Group AG now owns 640,419 shares of the financial services provider's stock worth $24,944,000 after buying an additional 472,751 shares during the period. American Century Companies Inc. increased its holdings in Trustmark by 30.5% in the 3rd quarter. American Century Companies Inc. now owns 564,180 shares of the financial services provider's stock worth $22,342,000 after buying an additional 132,023 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Trustmark by 17.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 470,756 shares of the financial services provider's stock worth $16,236,000 after buying an additional 69,110 shares during the period. 67.64% of the stock is owned by hedge funds and other institutional investors.

About Trustmark

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark's offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.

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