Trustmark (NASDAQ:TRMK) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Trustmark (NASDAQ:TRMK) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01, FiscalAI reports. The company had revenue of $213.38 million for the quarter, compared to analyst estimates of $210.30 million. Trustmark had a net margin of 20.12% and a return on equity of 10.74%.

Trustmark Stock Up 1.0%

Shares of TRMK traded up $0.46 during midday trading on Tuesday, hitting $46.77. 607,834 shares of the company’s stock traded hands, compared to its average volume of 406,414. Trustmark has a 1 year low of $36.05 and a 1 year high of $48.00. The firm’s fifty day moving average is $45.41 and its 200-day moving average is $43.85. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 12.37 and a beta of 0.65.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV raised its stake in Trustmark by 9.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 12,393 shares of the financial services provider’s stock valued at $483,000 after buying an additional 1,090 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in Trustmark in the fourth quarter worth about $207,000. Empowered Funds LLC grew its stake in shares of Trustmark by 107.6% during the fourth quarter. Empowered Funds LLC now owns 245,602 shares of the financial services provider’s stock worth $9,566,000 after acquiring an additional 127,284 shares during the last quarter. Voloridge Investment Management LLC grew its stake in shares of Trustmark by 2.8% during the fourth quarter. Voloridge Investment Management LLC now owns 114,257 shares of the financial services provider’s stock worth $4,450,000 after acquiring an additional 3,146 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its holdings in shares of Trustmark by 174.7% during the fourth quarter. Susquehanna Fundamental Investments LLC now owns 23,981 shares of the financial services provider’s stock valued at $934,000 after acquiring an additional 15,251 shares in the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the company. DA Davidson reaffirmed a “neutral” rating and set a $44.00 target price on shares of Trustmark in a research report on Wednesday, April 29th. Weiss Ratings raised Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 1st. Wall Street Zen upgraded Trustmark from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Piper Sandler raised their price objective on Trustmark from $44.00 to $45.50 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $45.00 target price on shares of Trustmark in a research note 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. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $44.75.

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.