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

Shares of Trustmark Corporation (NASDAQ:TRMK) hit a new 52-week high during trading on Monday . The stock traded as high as $43.47 and last traded at $43.51, with a volume of 93922 shares traded. The stock had previously closed at $42.52.

Wall Street Analysts Forecast Growth

TRMK has been the topic of a number of research reports. Wall Street Zen cut shares of Trustmark from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Hovde Group boosted their target price on Trustmark from $42.00 to $44.50 and gave the company a “market perform” rating in a research note on Thursday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Trustmark in a research report on Wednesday, January 21st. Finally, DA Davidson lifted their price objective on Trustmark from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Trustmark has an average rating of “Hold” and an average price target of $43.83.

Trustmark Stock Performance

The company’s fifty day simple moving average is $40.26 and its 200 day simple moving average is $39.32. The stock has a market capitalization of $2.59 billion, a P/E ratio of 11.67 and a beta of 0.69. 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, January 27th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. The company had revenue of $209.44 million for the quarter, compared to the consensus estimate of $207.05 million. Trustmark had a return on equity of 10.77% and a net margin of 19.95%.During the same quarter last year, the business posted $0.92 earnings per share. As a group, sell-side analysts forecast that Trustmark Corporation will post 3.42 earnings per share for the current fiscal year.

Trustmark Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 15th. Investors of record on Sunday, March 1st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.3%. This is a positive change from Trustmark’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, February 27th. Trustmark’s dividend payout ratio (DPR) is currently 25.88%.

Institutional Trading of Trustmark

Several institutional investors and hedge funds have recently made changes to their positions in TRMK. Royal Bank of Canada grew its position in Trustmark by 27.0% in the first quarter. Royal Bank of Canada now owns 22,127 shares of the financial services provider’s stock worth $764,000 after acquiring an additional 4,701 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Trustmark by 230.8% in the 1st quarter. AQR Capital Management LLC now owns 97,234 shares of the financial services provider’s stock worth $3,327,000 after purchasing an additional 67,841 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Trustmark by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,217 shares of the financial services provider’s stock valued at $1,249,000 after purchasing an additional 1,592 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Trustmark by 12.4% during the 1st quarter. Millennium Management LLC now owns 197,652 shares of the financial services provider’s stock valued at $6,817,000 after buying an additional 21,866 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Trustmark by 17.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 470,756 shares of the financial services provider’s stock worth $16,236,000 after buying an additional 69,110 shares during the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

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.