Trustmark (NASDAQ:TRMK) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Trustmark beat quarterly expectations: The financial services provider reported $0.97 in EPS, $0.01 above consensus, while revenue reached $213.38 million versus estimates of $210.30 million. Net margin was 20.12% and return on equity was 10.74%.
• Shares rose 1.0% to $46.77 following the results. Trustmark has a $2.74 billion market capitalization and trades at a P/E ratio of 12.37.
• Analyst sentiment remains cautious: Trustmark carries a consensus “Hold” rating from analysts, with an average price target of $44.75, below its current share price. Institutional investors own 67.64% of the stock.

Trustmark (NASDAQ:TRMK - Get Free Report) released its earnings results on Tuesday. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01, FiscalAI reports. Trustmark had a net margin of 20.12% and a return on equity of 10.74%. The firm had revenue of $213.38 million during the quarter, compared to analyst estimates of $210.30 million.

Trustmark Trading Up 1.0%

TRMK traded up $0.46 on Tuesday, reaching $46.77. 607,834 shares of the company traded hands, compared to its average volume of 406,414. The company has a market cap of $2.74 billion, a P/E ratio of 12.37 and a beta of 0.65. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. Trustmark has a one year low of $36.05 and a one year high of $48.00. The firm has a fifty day simple moving average of $45.41 and a two-hundred day simple moving average of $43.85.

Analysts Set New Price Targets

A number of research firms recently weighed in on TRMK. DA Davidson reissued a "neutral" rating and issued a $44.00 price objective on shares of Trustmark in a research report on Wednesday, April 29th. Piper Sandler boosted their target price on Trustmark from $44.00 to $45.50 and gave the company a "neutral" rating in a research report on Thursday, April 30th. Wall Street Zen raised Trustmark from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 1st. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $45.00 price target on shares of Trustmark in a research note on Thursday, April 9th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Trustmark has an average rating of "Hold" and a consensus price target of $44.75.

Institutional Investors Weigh In On Trustmark

Several hedge funds have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV grew its position in shares of Trustmark by 9.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 12,393 shares of the financial services provider's stock worth $483,000 after buying an additional 1,090 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Trustmark in the fourth quarter valued at about $207,000. Empowered Funds LLC raised its holdings in shares of Trustmark by 107.6% in the fourth quarter. Empowered Funds LLC now owns 245,602 shares of the financial services provider's stock valued at $9,566,000 after acquiring an additional 127,284 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in Trustmark by 2.8% in the fourth quarter. Voloridge Investment Management LLC now owns 114,257 shares of the financial services provider's stock worth $4,450,000 after acquiring an additional 3,146 shares during the period. Finally, Susquehanna Fundamental Investments LLC lifted its stake in Trustmark by 174.7% in the fourth quarter. Susquehanna Fundamental Investments LLC now owns 23,981 shares of the financial services provider's stock worth $934,000 after acquiring an additional 15,251 shares during the period. 67.64% of the stock is currently 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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