Trustmark (NASDAQ:TRMK) Hits New 52-Week High – Time to Buy?

Trustmark Corporation (NASDAQ:TRMK) shares hit a new 52-week high on Thursday. The stock traded as high as $49.04 and last traded at $47.3170, with a volume of 568,930 shares changing hands. The stock had previously closed at $45.56.

Wall Street Analysts Forecast Growth

TRMK has been the subject of several recent analyst reports. Piper Sandler boosted their price objective on shares of Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. DA Davidson upped their target price on shares of Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Trustmark from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Trustmark presently has an average rating of “Moderate Buy” and a consensus price target of $47.38.

Trustmark Trading Up 4.5%

The firm has a market capitalization of $2.75 billion, a P/E ratio of 11.86 and a beta of 0.69. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The firm’s 50-day simple moving average is $45.58 and its 200-day simple moving average is $44.90.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $1.00 EPS for the quarter, hitting analysts’ consensus estimates of $1.00. The firm had revenue of $212.26 million for the quarter, compared to analyst estimates of $215.04 million. Trustmark had a net margin of 20.90% and a return on equity of 10.78%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 EPS. Analysts anticipate that Trustmark Corporation will post 3.93 EPS for the current year.

Trustmark Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, December 1st. Trustmark’s payout ratio is currently 25.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRMK. BlackRock Inc. bought a new position in Trustmark in the second quarter valued at $395,920,000. 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 worth $164,244,000 after purchasing an additional 20,628 shares during the last quarter. North Reef Capital Management LP bought a new stake in Trustmark during the first quarter worth about $82,296,000. Bank of New York Mellon Corp purchased a new position in shares of Trustmark in the 2nd quarter worth about $22,676,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Trustmark by 8.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 379,965 shares of the financial services provider’s stock worth $16,012,000 after purchasing an additional 29,092 shares in the last quarter. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

About Trustmark

Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiary, Trustmark National Bank, the company provides commercial and consumer banking services, including deposit accounts, lending, cash management and digital banking. Trustmark also offers wealth management and insurance services to individuals and businesses. Its insurance operations provide services such as employee benefits and risk management. Founded in 1889, Trustmark serves customers across the southeastern United States, with a presence in Mississippi, Alabama, Florida, Tennessee and Texas.