Trustmark (NASDAQ:TRMK) Reaches New 1-Year High – Here’s What Happened

Trustmark Corporation (NASDAQ:TRMK)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $44.96 and last traded at $44.88, with a volume of 33375 shares traded. The stock had previously closed at $44.69.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TRMK shares. DA Davidson lifted their target price on shares of Trustmark from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, January 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Trustmark in a report on Wednesday, January 21st. Wall Street Zen downgraded Trustmark from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Finally, Hovde Group boosted their price target on Trustmark from $42.00 to $44.50 and gave the stock a “market perform” rating in a research note on Thursday, January 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.83.

Trustmark Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89. The firm has a market cap of $2.61 billion, a P/E ratio of 11.73 and a beta of 0.69. The business’s 50-day simple moving average is $41.04 and its 200 day simple moving average is $39.61.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.06. Trustmark had a return on equity of 10.77% and a net margin of 19.95%.The firm had revenue of $209.44 million for the quarter, compared to analysts’ expectations of $207.05 million. During the same period in the prior year, the firm earned $0.92 EPS. As a group, equities analysts predict that Trustmark Corporation will post 3.42 earnings per share for the current year.

Trustmark Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 15th. Shareholders of record on Sunday, March 1st will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, February 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Trustmark’s previous quarterly dividend of $0.24. Trustmark’s dividend payout ratio is presently 25.88%.

Hedge Funds Weigh In On Trustmark

Institutional investors and hedge funds have recently made changes to their positions in the business. Richardson Financial Services Inc. increased its stake in shares of Trustmark by 86.7% in the 3rd quarter. Richardson Financial Services Inc. now owns 743 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 345 shares in the last quarter. Blue Trust Inc. bought a new stake in Trustmark during the fourth quarter valued at about $31,000. Meeder Asset Management Inc. purchased a new stake in Trustmark in the fourth quarter worth about $36,000. Bessemer Group Inc. increased its position in Trustmark by 37.4% in the third quarter. Bessemer Group Inc. now owns 1,073 shares of the financial services provider’s stock worth $42,000 after buying an additional 292 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Trustmark by 452.2% in 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. Hedge funds and other 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.