Trustmark (NASDAQ:TRMK) Sets New 1-Year High – Here’s Why

Trustmark Corporation (NASDAQ:TRMK) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $47.62 and last traded at $47.7240, with a volume of 26381 shares changing hands. The stock had previously closed at $46.73.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings raised shares of Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 1st. DA Davidson reissued a “neutral” rating and set a $44.00 target price on shares of Trustmark in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $45.00 price target on shares of Trustmark in a research report on Thursday, April 9th. Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Piper Sandler increased their price objective on shares of Trustmark from $44.00 to $45.50 and gave the company a “neutral” rating in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Trustmark currently has an average rating of “Hold” and a consensus price target of $44.75.

Trustmark Stock Down 1.6%

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 company has a market cap of $2.75 billion, a P/E ratio of 12.40 and a beta of 0.65. The stock has a 50 day moving average price of $45.09 and a 200 day moving average price of $43.53.

Trustmark (NASDAQ:TRMK) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.08. The business had revenue of $208.07 million during the quarter, compared to analysts’ expectations of $204.98 million. Trustmark had a return on equity of 10.74% and a net margin of 20.12%.During the same quarter last year, the business posted $0.88 earnings per share. Research analysts expect that Trustmark Corporation will post 3.92 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.25 per share. The ex-dividend date was Monday, June 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.1%. Trustmark’s dividend payout ratio (DPR) is 26.46%.

Hedge Funds Weigh In On Trustmark

Several hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in Trustmark by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,897,556 shares of the financial services provider’s stock valued at $164,244,000 after purchasing an additional 20,628 shares during the last quarter. Wellington Management Group LLP grew its position in Trustmark by 8.9% in the third quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider’s stock worth $153,802,000 after buying an additional 316,851 shares during the last quarter. North Reef Capital Management LP acquired a new position in Trustmark in the first quarter worth approximately $82,296,000. Geode Capital Management LLC grew its position in Trustmark by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,491,837 shares of the financial services provider’s stock worth $58,112,000 after buying an additional 9,198 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of Trustmark by 282.0% in the fourth quarter. UBS Group AG now owns 640,419 shares of the financial services provider’s stock valued at $24,944,000 after buying an additional 472,751 shares in the last quarter. Institutional investors and hedge funds 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.