Trustmark (NASDAQ:TRMK) Reaches New 1-Year High on Analyst Upgrade

Trustmark Co. (NASDAQ:TRMK)’s share price reached a new 52-week high during trading on Wednesday after Hovde Group raised their price target on the stock from $34.00 to $37.00. Hovde Group currently has a market perform rating on the stock. Trustmark traded as high as $36.14 and last traded at $35.81, with a volume of 42295 shares changing hands. The stock had previously closed at $35.08.

Several other equities research analysts have also weighed in on the company. StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. DA Davidson increased their price target on Trustmark from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Truist Financial increased their price target on Trustmark from $35.00 to $36.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Trustmark presently has a consensus rating of “Hold” and an average price target of $35.20.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TRMK. American Century Companies Inc. lifted its holdings in Trustmark by 25.3% during the 2nd quarter. American Century Companies Inc. now owns 986,322 shares of the financial services provider’s stock worth $29,629,000 after buying an additional 199,245 shares in the last quarter. Stieven Capital Advisors L.P. lifted its holdings in Trustmark by 57.2% during the 1st quarter. Stieven Capital Advisors L.P. now owns 503,000 shares of the financial services provider’s stock worth $14,139,000 after buying an additional 183,100 shares in the last quarter. Hanson & Doremus Investment Management acquired a new position in Trustmark during the 2nd quarter worth $4,199,000. Earnest Partners LLC lifted its holdings in Trustmark by 3.1% during the 2nd quarter. Earnest Partners LLC now owns 3,442,019 shares of the financial services provider’s stock worth $103,398,000 after buying an additional 102,268 shares in the last quarter. Finally, Kennedy Capital Management LLC acquired a new position in Trustmark during the 1st quarter worth $2,604,000. Institutional investors and hedge funds own 67.64% of the company’s stock.

Trustmark Stock Performance

The firm has a fifty day simple moving average of $32.77 and a 200-day simple moving average of $31.13. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 13.90 and a beta of 0.73.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. The firm had revenue of $192.30 million for the quarter, compared to the consensus estimate of $192.77 million. Trustmark had a return on equity of 9.80% and a net margin of 17.62%. During the same quarter in the prior year, the business earned $0.64 EPS. Analysts forecast that Trustmark Co. will post 2.92 EPS for the current fiscal year.

Trustmark Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Friday, November 29th. Trustmark’s dividend payout ratio (DPR) is currently 35.80%.

About Trustmark

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.