Trustmark (NASDAQ:TRMK) Reaches New 1-Year High – Here’s Why

Trustmark Co. (NASDAQ:TRMK)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $40.73 and last traded at $40.18, with a volume of 65984 shares changing hands. The stock had previously closed at $39.28.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TRMK. StockNews.com raised shares of Trustmark from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Hovde Group boosted their target price on shares of Trustmark from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Tuesday, October 29th. Truist Financial boosted their target price on shares of Trustmark from $35.00 to $36.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Finally, DA Davidson boosted 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. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.20.

Trustmark Trading Down 0.3 %

The company’s 50-day moving average is $34.88 and its 200-day moving average is $32.37. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 12.02 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.87.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings results 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 business had revenue of $192.30 million for the quarter, compared to the consensus estimate of $192.77 million. Trustmark had a net margin of 17.62% and a return on equity of 9.48%. During the same quarter in the prior year, the company earned $0.64 EPS. On average, research analysts predict that Trustmark Co. will post 2.94 earnings per share for the current year.

Trustmark Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be given a dividend of $0.23 per share. The ex-dividend date is Friday, November 29th. This represents a $0.92 annualized dividend and a yield of 2.32%. Trustmark’s dividend payout ratio (DPR) is 27.79%.

Insider Buying and Selling at Trustmark

In other Trustmark news, Director Gerard R. Host sold 26,416 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $39.73, for a total transaction of $1,049,507.68. Following the transaction, the director now directly owns 26,792 shares in the company, valued at approximately $1,064,446.16. This represents a 49.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Marcelo L. Eduardo sold 790 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $35.89, for a total transaction of $28,353.10. Following the transaction, the director now owns 7,334 shares in the company, valued at approximately $263,217.26. The trade was a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,206 shares of company stock worth $1,347,991. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Trustmark

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of Trustmark by 62.1% in the 2nd quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 351 shares during the last quarter. GoalVest Advisory LLC bought a new stake in shares of Trustmark in the 3rd quarter valued at about $63,000. Innealta Capital LLC bought a new stake in shares of Trustmark in the 2nd quarter valued at about $61,000. nVerses Capital LLC bought a new stake in shares of Trustmark in the 3rd quarter valued at about $67,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Trustmark in the 3rd quarter valued at about $130,000. 67.64% of the stock is owned by institutional investors.

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.