Trustmark (NASDAQ:TRMK) Hits New 1-Year High After Strong Earnings

Shares of Trustmark Co. (NASDAQ:TRMK) hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $35.75 and last traded at $34.64, with a volume of 80613 shares changing hands. The stock had previously closed at $34.50.

The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.02. The firm had revenue of $192.30 million during the quarter, compared to analysts’ expectations of $192.77 million. Trustmark had a net margin of 16.24% and a return on equity of 9.32%. During the same quarter last year, the company earned $0.64 earnings per share.

Trustmark Announces Dividend

The company also recently announced 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 2.67%. The ex-dividend date of this dividend is Friday, November 29th. Trustmark’s dividend payout ratio (DPR) is currently 35.80%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TRMK. StockNews.com upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Thursday. DA Davidson lifted their target price on shares of Trustmark from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Truist Financial cut their target price on shares of Trustmark from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Trustmark presently has a consensus rating of “Hold” and an average price target of $34.50.

Institutional Trading of Trustmark

A number of hedge funds and other institutional investors have recently modified their holdings of TRMK. Vanguard Group Inc. grew its holdings in Trustmark by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 6,712,905 shares of the financial services provider’s stock worth $187,156,000 after acquiring an additional 50,795 shares during the period. Dimensional Fund Advisors LP grew its holdings in Trustmark by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,050,787 shares of the financial services provider’s stock worth $121,683,000 after acquiring an additional 64,334 shares during the period. Earnest Partners LLC grew 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 acquiring an additional 102,268 shares during the period. American Century Companies Inc. grew 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 acquiring an additional 199,245 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Trustmark by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 685,875 shares of the financial services provider’s stock worth $20,604,000 after acquiring an additional 2,714 shares during the period. Institutional investors and hedge funds own 67.64% of the company’s stock.

Trustmark Stock Up 0.1 %

The business’s fifty day simple moving average is $32.60 and its 200 day simple moving average is $30.90. 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 $2.11 billion, a price-to-earnings ratio of 13.41 and a beta of 0.73.

Trustmark Company Profile

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.