Trustmark (NASDAQ:TRMK) Reaches New 12-Month High on Strong Earnings

Trustmark Co. (NASDAQ:TRMK) shares hit a new 52-week high 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 changing hands. The stock had previously closed at $27.55.

The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. The firm had revenue of $288.55 million for the quarter, compared to analyst estimates of $187.03 million. Trustmark had a return on equity of 10.77% and a net margin of 15.06%. During the same period in the prior year, the company earned $0.82 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TRMK shares. Piper Sandler restated a “neutral” rating and issued a $29.00 price objective on shares of Trustmark in a report on Tuesday, March 26th. Truist Financial upped their price target on shares of Trustmark from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, April 1st. DA Davidson reaffirmed a “neutral” rating on shares of Trustmark in a research note on Monday, January 15th. TheStreet raised Trustmark from a “c+” rating to a “b” rating in a research note on Tuesday, January 23rd. Finally, Keefe, Bruyette & Woods increased their target price on Trustmark from $27.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.67.

Institutional Trading of Trustmark

A number of institutional investors have recently modified their holdings of TRMK. Vanguard Group Inc. raised its position in shares of Trustmark by 0.8% in 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 worth $106,786,000 after acquiring an additional 59,068 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Trustmark by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 883,423 shares of the financial services provider’s stock valued at $24,630,000 after purchasing an additional 52,320 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Trustmark during the fourth quarter valued at approximately $12,572,000. Finally, Norges Bank bought a new position in Trustmark in the 4th quarter valued at approximately $10,992,000. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

Trustmark Stock Performance

The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.80 billion, a P/E ratio of 10.85 and a beta of 0.82. The business has a fifty day moving average price of $26.74 and a 200-day moving average price of $25.43.

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.