Trustmark (NASDAQ:TRMK) Sets New 52-Week High – What’s Next?

Trustmark Corporation (NASDAQ:TRMK)’s stock price reached a new 52-week high on Monday . The stock traded as high as $48.05 and last traded at $47.9460, with a volume of 55782 shares. The stock had previously closed at $47.45.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a research note on Thursday. Wall Street Zen lowered shares of Trustmark from a “hold” rating to a “sell” rating in a report on Saturday. DA Davidson upped their price target on shares of Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday. Weiss Ratings raised shares of Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 1st. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $45.00 price target on shares of Trustmark in a research note on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.12.

Trustmark Price Performance

The business has a 50-day simple moving average of $45.65 and a 200 day simple moving average of $44.05. The stock has a market cap of $2.81 billion, a P/E ratio of 12.17 and a beta of 0.65. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $213.38 million during the quarter, compared to the consensus estimate of $210.30 million. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period last year, the company earned $0.92 earnings per share. On average, analysts forecast that Trustmark Corporation will post 3.93 earnings per share for the current year.

Trustmark Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Trustmark’s dividend payout ratio is currently 25.38%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TRMK. Dimensional Fund Advisors LP boosted its stake in shares of Trustmark by 0.5% in the 1st 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 increased its position in shares of Trustmark by 8.9% during 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 period. North Reef Capital Management LP bought a new position in Trustmark during the first quarter worth $82,296,000. Geode Capital Management LLC raised its stake in Trustmark by 0.6% during 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 lifted its holdings in 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 during the period. Institutional investors and hedge funds own 67.64% of the company’s stock.

About Trustmark

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.