Trustmark (NASDAQ:TRMK) Sets New 1-Year High Following Analyst Upgrade

Trustmark Co. (NASDAQ:TRMK)’s share price hit 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. The stock had previously closed at $35.08.

Several other equities analysts also recently weighed in on the stock. StockNews.com raised shares of Trustmark from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. 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, 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 note on Friday, October 25th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.20.

Insider Buying and Selling at Trustmark

In other news, Director Marcelo L. Eduardo sold 790 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $35.89, for a total transaction of $28,353.10. Following the completion of the transaction, the director now owns 7,334 shares in the company, valued at $263,217.26. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Trustmark

Several large investors have recently bought and sold shares of TRMK. BNP Paribas Financial Markets increased its holdings in shares of Trustmark by 23.6% in the 1st quarter. BNP Paribas Financial Markets now owns 30,562 shares of the financial services provider’s stock worth $859,000 after buying an additional 5,834 shares during the last quarter. Wakefield Asset Management LLLP bought a new position in shares of Trustmark during the first quarter valued at approximately $949,000. Texas Permanent School Fund Corp raised its holdings in shares of Trustmark by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 53,449 shares of the financial services provider’s stock worth $1,502,000 after buying an additional 716 shares during the period. Empowered Funds LLC lifted its position in shares of Trustmark by 8.2% during the first quarter. Empowered Funds LLC now owns 182,179 shares of the financial services provider’s stock worth $5,121,000 after purchasing an additional 13,759 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Trustmark during the first quarter valued at $283,000. Institutional investors own 67.64% of the company’s stock.

Trustmark Stock Down 1.8 %

The company’s 50 day moving average is $32.85 and its 200 day moving average is $31.16. The company has a market cap of $2.13 billion, a PE ratio of 10.60 and a beta of 0.73. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.10.

Trustmark (NASDAQ:TRMK) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.82 by $0.02. Trustmark had a return on equity of 9.80% and a net margin of 17.62%. The firm had revenue of $192.30 million for the quarter, compared to analyst estimates of $192.77 million. During the same quarter last year, the firm posted $0.64 earnings per share. As a group, analysts predict that Trustmark Co. will post 2.92 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Friday, November 29th. Trustmark’s payout ratio is 27.79%.

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.