Trustmark (NASDAQ:TRMK) Sets New 12-Month High Following Better-Than-Expected Earnings

Trustmark Co. (NASDAQ:TRMK)’s share price hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $29.73 and last traded at $29.25, with a volume of 63175 shares traded. The stock had previously closed at $27.55.

The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. Trustmark had a return on equity of 10.16% and a net margin of 13.82%. The business had revenue of $288.55 million for the quarter, compared to the consensus estimate of $187.03 million. During the same period last year, the business earned $0.82 EPS.

Trustmark Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, May 31st. Trustmark’s payout ratio is 35.80%.

Analyst Ratings Changes

Several research analysts have commented on TRMK shares. StockNews.com raised Trustmark from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Truist Financial lifted their price target on Trustmark from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. TheStreet raised Trustmark from a “c+” rating to a “b” rating in a research report on Tuesday, January 23rd. DA Davidson lifted their price target on Trustmark from $30.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods raised Trustmark from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $30.00 to $36.00 in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $32.25.

Institutional Trading of Trustmark

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted 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 buying an additional 50,795 shares during the period. Dimensional Fund Advisors LP lifted its stake in Trustmark by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,830,150 shares of the financial services provider’s stock valued at $106,786,000 after buying an additional 59,068 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Trustmark by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 883,423 shares of the financial services provider’s stock valued at $24,630,000 after buying an additional 52,320 shares during the period. Wellington Management Group LLP acquired a new position in Trustmark in the fourth quarter valued at about $12,572,000. Finally, Norges Bank acquired a new stake in shares of Trustmark during the fourth quarter worth about $10,992,000. Institutional investors own 67.64% of the company’s stock.

Trustmark Stock Performance

The stock has a 50-day moving average price of $26.79 and a 200 day moving average price of $25.46. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 11.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.84.

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.