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

Trustmark Corporation (NASDAQ:TRMK) hit a new 52-week high during trading on Thursday . The company traded as high as $46.47 and last traded at $46.3430, with a volume of 12700 shares changing hands. The stock had previously closed at $46.03.

Wall Street Analysts Forecast Growth

TRMK has been the topic of several recent research reports. DA Davidson reiterated a “neutral” rating and set a $44.00 price objective on shares of Trustmark in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $45.00 target price on shares of Trustmark in a research report on Thursday, April 9th. Wall Street Zen upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings raised shares of Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 1st. Finally, Brean Capital initiated coverage on shares of Trustmark in a research note on Thursday, March 12th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $44.75.

Trustmark Stock Up 0.8%

The firm’s 50-day moving average price is $44.53 and its 200 day moving average price is $42.83. 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 company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 12.30 and a beta of 0.65.

Trustmark (NASDAQ:TRMK) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.08. Trustmark had a net margin of 20.12% and a return on equity of 10.74%. The business had revenue of $208.07 million for the quarter, compared to analysts’ expectations of $204.98 million. During the same period last year, the firm posted $0.88 earnings per share. On average, sell-side analysts forecast that Trustmark Corporation will post 3.92 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 1st. Trustmark’s dividend payout ratio (DPR) is currently 26.46%.

Institutional Trading of Trustmark

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in Trustmark by 0.5% in 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 acquiring an additional 20,628 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Trustmark by 8.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider’s stock valued at $153,802,000 after purchasing an additional 316,851 shares in the last quarter. North Reef Capital Management LP bought a new stake in shares of Trustmark during the 1st quarter valued at approximately $82,296,000. Geode Capital Management LLC grew its holdings in shares of Trustmark by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,491,837 shares of the financial services provider’s stock valued at $58,112,000 after purchasing an additional 9,198 shares during the last quarter. Finally, UBS Group AG increased its position in Trustmark by 282.0% during the 4th quarter. UBS Group AG now owns 640,419 shares of the financial services provider’s stock worth $24,944,000 after purchasing an additional 472,751 shares in the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

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.