Trustmark (NASDAQ:TRMK) Sets New 1-Year High - Still a Buy?

Key Points

• Trustmark Corporation reached a new 52-week high of $41.43 during trading, with the current trading price at $40.58.
• Analyst upgrades have been notable, with price targets increased by firms like DA Davidson and Hovde Group, while the consensus rating for the stock is currently a "Hold."
• The company announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.4%, and has a modest dividend payout ratio of 26.97%.

Shares of Trustmark Corporation (NASDAQ:TRMK - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $41.43 and last traded at $40.58, with a volume of 1087 shares changing hands. The stock had previously closed at $41.06.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TRMK shares. Wall Street Zen cut shares of Trustmark from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. 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 note on Thursday, July 24th. Finally, 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 note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $41.00.

Trustmark Stock Performance

The firm's 50-day moving average price is $38.96 and its 200-day moving average price is $36.09. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.86. The stock has a market cap of $2.46 billion, a P/E ratio of 11.43 and a beta of 0.71.

Trustmark (NASDAQ:TRMK - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $200.35 million. During the same quarter in the prior year, the business earned $0.66 earnings per share. Sell-side analysts expect that Trustmark Corporation will post 3.42 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 1st were given a dividend of $0.24 per share. The ex-dividend date was Friday, August 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.4%. Trustmark's dividend payout ratio (DPR) is presently 26.97%.

Insider Transactions at Trustmark

In other news, Director Marcelo L. Eduardo sold 700 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $38.49, for a total transaction of $26,943.00. Following the completion of the transaction, the director owned 8,577 shares in the company, valued at $330,128.73. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gerard R. Host sold 20,970 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $38.49, for a total value of $807,135.30. Following the transaction, the director owned 158,360 shares of the company's stock, valued at approximately $6,095,276.40. The trade was a 11.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,226 shares of company stock valued at $897,299. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. grew its position in Trustmark by 493.7% in the second quarter. Osaic Holdings Inc. now owns 10,616 shares of the financial services provider's stock worth $367,000 after acquiring an additional 8,828 shares in the last quarter. Squarepoint Ops LLC grew its position in Trustmark by 256.9% in the second quarter. Squarepoint Ops LLC now owns 137,792 shares of the financial services provider's stock worth $5,024,000 after acquiring an additional 99,189 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Trustmark by 16.5% in the second quarter. Thrivent Financial for Lutherans now owns 183,868 shares of the financial services provider's stock worth $6,703,000 after acquiring an additional 26,107 shares in the last quarter. Public Sector Pension Investment Board grew its position in Trustmark by 6.6% in the second quarter. Public Sector Pension Investment Board now owns 206,217 shares of the financial services provider's stock worth $7,519,000 after acquiring an additional 12,780 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Trustmark by 234.2% in the second quarter. Tower Research Capital LLC TRC now owns 7,814 shares of the financial services provider's stock worth $285,000 after acquiring an additional 5,476 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company's stock.

About Trustmark

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.