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

Key Points

• Trustmark Corporation shares reached a new 52-week high of $40.81, closing at $40.59 with a trading volume of 19,828 shares.
• Wall Street analysts have various ratings for Trustmark, with an average price target of $41.00, reflecting a mix of "Buy" and "Hold" recommendations.
• The company reported earnings per share of $0.92 for the last quarter, exceeding analysts' expectations of $0.86, alongside a 2.4% dividend yield announced for shareholders.

Shares of Trustmark Corporation (NASDAQ:TRMK - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $40.81 and last traded at $40.59, with a volume of 19828 shares changing hands. The stock had previously closed at $40.60.

Analysts Set New Price Targets

A number of research analysts have commented on TRMK shares. Hovde Group upped their target price on shares of Trustmark from $37.00 to $41.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. DA Davidson upped their target price on shares of Trustmark from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen cut shares of Trustmark from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $41.00.

Trustmark Price Performance

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 company has a market capitalization of $2.43 billion, a PE ratio of 11.31 and a beta of 0.70. The stock's 50 day simple moving average is $38.09 and its 200-day simple moving average is $35.74.

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

Trustmark Announces Dividend

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

Insider Buying and Selling

In related news, Director Gerard R. Host sold 1,556 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $40.63, for a total transaction of $63,220.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Marcelo L. Eduardo sold 700 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $38.49, for a total transaction of $26,943.00. Following the sale, the director owned 8,577 shares in the company, valued at $330,128.73. The trade was a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,226 shares of company stock worth $897,299 over the last 90 days. Insiders own 1.50% of the company's stock.

Institutional Trading of Trustmark

A number of large investors have recently made changes to their positions in TRMK. EverSource Wealth Advisors LLC increased its stake in shares of Trustmark by 452.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the financial services provider's stock worth $46,000 after buying an additional 1,022 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Trustmark during the fourth quarter worth approximately $47,000. IFP Advisors Inc purchased a new stake in shares of Trustmark during the first quarter worth approximately $51,000. State of Wyoming purchased a new stake in shares of Trustmark during the first quarter worth approximately $52,000. Finally, GAMMA Investing LLC increased its stake in shares of Trustmark by 41.0% during the first quarter. GAMMA Investing LLC now owns 1,809 shares of the financial services provider's stock worth $62,000 after buying an additional 526 shares during the period. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

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.