Trustmark (NASDAQ:TRMK) Reaches New 12-Month High - Here's Why

Key Points

• Trustmark shares reached a new 52-week high of $48.05, supported by recent analyst target increases, though the consensus rating remains “Hold” with a $46.12 price target.
• The company exceeded quarterly expectations, reporting $0.97 EPS and $213.38 million in revenue, up 4.8% year over year.
• Trustmark declared a quarterly dividend of $0.25, equivalent to a 2.1% yield, while institutional investors own 67.64% of the company’s stock.

Trustmark Corporation (NASDAQ:TRMK - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The company traded as high as $48.05 and last traded at $47.9460, with a volume of 55782 shares. The stock had previously closed at $47.45.

Analyst Upgrades and Downgrades

TRMK has been the subject of a number of recent analyst reports. DA Davidson upped their target price on Trustmark from $46.00 to $48.00 and gave the company a "neutral" rating in a research report on Thursday. Piper Sandler boosted their price target on Trustmark from $45.50 to $47.00 and gave the company a "neutral" rating in a research note on Thursday. Weiss Ratings raised shares of Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Trustmark from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $45.00 target price on shares of Trustmark in a report on Thursday, April 9th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $46.12.

Trustmark Stock Performance

The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 12.17 and a beta of 0.65. The company has a 50 day simple moving average of $45.65 and a 200 day simple moving average of $44.05.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. The company had revenue of $213.38 million for the quarter, compared to the consensus estimate of $210.30 million. Trustmark had a net margin of 20.75% and a return on equity of 10.69%. The firm's quarterly revenue was up 4.8% compared to the same quarter last year. During the same period last year, the company posted $0.92 EPS. As a group, equities research analysts forecast that Trustmark Corporation will post 3.93 EPS for the current year.

Trustmark Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.00 annualized dividend and a yield of 2.1%. Trustmark's dividend payout ratio is presently 25.38%.

Institutional Trading of Trustmark

A number of hedge funds and other institutional investors have recently modified their holdings of TRMK. Dimensional Fund Advisors LP lifted its stake in shares of Trustmark by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,897,556 shares of the financial services provider's stock valued at $164,244,000 after acquiring an additional 20,628 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Trustmark by 8.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider's stock valued at $153,802,000 after acquiring an additional 316,851 shares in the last quarter. North Reef Capital Management LP bought a new stake in Trustmark during the 1st quarter worth $82,296,000. Geode Capital Management LLC grew its position in Trustmark by 0.6% during 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 acquiring an additional 9,198 shares during the last quarter. Finally, 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 purchasing an additional 472,751 shares in the last quarter. Institutional investors own 67.64% of the company's stock.

Trustmark Company Profile

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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