Trustmark (NASDAQ:TRMK) Sets New 12-Month High – Here’s Why

Trustmark Corporation (NASDAQ:TRMK) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $41.43 and last traded at $40.97, with a volume of 30149 shares trading hands. The stock had previously closed at $40.67.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TRMK shares. Zacks Research cut shares of Trustmark from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Trustmark in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Trustmark from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.25.

Trustmark Price Performance

The company’s 50 day moving average price is $38.61 and its 200-day moving average price is $38.26. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $2.46 billion, a PE ratio of 11.20 and a beta of 0.71.

Trustmark (NASDAQ:TRMK) last issued its earnings results on Tuesday, October 28th. The financial services provider reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The business had revenue of $207.53 million during the quarter, compared to analysts’ expectations of $206.13 million. Trustmark had a net margin of 19.82% and a return on equity of 10.90%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. On average, sell-side analysts forecast that Trustmark Corporation will post 3.42 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Monday, December 1st. Trustmark’s dividend payout ratio (DPR) is 26.23%.

Hedge Funds Weigh In On Trustmark

Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC grew its position in Trustmark by 0.6% in the first quarter. LPL Financial LLC now owns 64,802 shares of the financial services provider’s stock worth $2,235,000 after buying an additional 415 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Trustmark by 11.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 993,941 shares of the financial services provider’s stock valued at $34,281,000 after purchasing an additional 99,134 shares during the last quarter. Nuveen LLC acquired a new position in shares of Trustmark in the 1st quarter valued at $5,697,000. Russell Investments Group Ltd. increased its stake in Trustmark by 10.0% in the 1st quarter. Russell Investments Group Ltd. now owns 9,450 shares of the financial services provider’s stock worth $326,000 after purchasing an additional 858 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Trustmark by 34.2% in the 1st quarter. Wellington Management Group LLP now owns 3,318,799 shares of the financial services provider’s stock worth $114,465,000 after purchasing an additional 846,238 shares in the last quarter. Institutional investors and hedge funds 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.