Trustmark (NASDAQ:TRMK) Sets New 52-Week High on Strong Earnings

Trustmark Co. (NASDAQ:TRMK) shares reached a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $35.75 and last traded at $34.64, with a volume of 80613 shares traded. The stock had previously closed at $34.50.

The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.02. Trustmark had a return on equity of 9.32% and a net margin of 16.24%. The business had revenue of $192.30 million during the quarter, compared to the consensus estimate of $192.77 million. During the same period last year, the business posted $0.64 earnings per share.

Analyst Upgrades and Downgrades

Several research firms have commented on TRMK. Truist Financial dropped their price objective on shares of Trustmark from $37.00 to $35.00 and set a “hold” rating on the stock in a report on Friday, September 20th. DA Davidson upped their price target on shares of Trustmark from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Finally, StockNews.com lowered shares of Trustmark from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.50.

Hedge Funds Weigh In On Trustmark

Hedge funds have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System grew its position in shares of Trustmark by 101.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 35,048 shares of the financial services provider’s stock valued at $985,000 after purchasing an additional 17,670 shares in the last quarter. Wakefield Asset Management LLLP bought a new stake in shares of Trustmark during the 1st quarter valued at about $949,000. Kennedy Capital Management LLC purchased a new position in shares of Trustmark during the first quarter worth about $2,604,000. Wellington Management Group LLP bought a new position in shares of Trustmark in the fourth quarter worth approximately $12,572,000. Finally, Vanguard Group Inc. raised its stake in Trustmark by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 6,712,905 shares of the financial services provider’s stock valued at $187,156,000 after purchasing an additional 50,795 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Trustmark Trading Down 0.2 %

The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $2.11 billion, a P/E ratio of 13.40 and a beta of 0.73. The firm’s 50-day simple moving average is $32.55 and its 200-day simple moving average is $30.88.

Trustmark Company Profile

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.