Trustmark (NASDAQ:TRMK) Sees Strong Trading Volume – Time to Buy?

Trustmark Corporation (NASDAQ:TRMK) saw an uptick in trading volume on Friday. Approximately 879,514 shares traded hands during mid-day trading, an increase of 111% from the average daily volume of 416,792 shares. The stock last traded at $48.2010 and had previously closed at $47.84.

Trending Headlines about Trustmark

Investors following TRMK have been watching these headlines:

• Positive Sentiment: The acquisition announcement has supported sentiment toward Trustmark, with shares moving higher as investors assess the proposed transaction. Read More.
• Positive Sentiment: Merger commentary highlights potential operational synergies, which could strengthen the strategic rationale for combining the banks. Read More.
• Neutral Sentiment: Investor-rights law firms have announced reviews of whether Trustmark’s board secured the best available price for shareholders. These are investigations, not findings of wrongdoing, but could add uncertainty around the deal. Read More.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TRMK. DA Davidson lifted their target price on shares of Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Keefe, Bruyette & Woods raised their price objective on shares of Trustmark from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, September 16th. Piper Sandler raised their price objective on shares of Trustmark from $45.50 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of Trustmark in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.38.

Trustmark Trading Up 0.8%

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.88. The firm’s 50 day moving average price is $45.62 and its 200 day moving average price is $44.93. The stock has a market capitalization of $2.78 billion, a P/E ratio of 12.04 and a beta of 0.69.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.00. The business had revenue of $212.26 million during the quarter, compared to the consensus estimate of $215.04 million. Trustmark had a return on equity of 10.78% and a net margin of 20.90%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. As a group, equities research analysts expect that Trustmark Corporation will post 3.93 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.1%. Trustmark’s dividend payout ratio is currently 25.00%.

Institutional Investors Weigh In On Trustmark

Several institutional investors have recently made changes to their positions in TRMK. Eurizon Capital SGR S.p.A. purchased a new position in shares of Trustmark during the 3rd quarter worth about $28,000. Nykredit A S bought a new position in Trustmark during the 2nd quarter valued at about $29,000. Public Employees Retirement System of Ohio purchased a new stake in Trustmark in the 2nd quarter worth about $39,000. Global Retirement Partners LLC purchased a new stake in Trustmark in the 2nd quarter worth about $63,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Trustmark by 23.4% in the first quarter. EverSource Wealth Advisors LLC now owns 1,657 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 314 shares during the last quarter. Institutional investors own 67.64% of the company’s stock.

About Trustmark

Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiary, Trustmark National Bank, the company provides commercial and consumer banking services, including deposit accounts, lending, cash management and digital banking. Trustmark also offers wealth management and insurance services to individuals and businesses. Its insurance operations provide services such as employee benefits and risk management. Founded in 1889, Trustmark serves customers across the southeastern United States, with a presence in Mississippi, Alabama, Florida, Tennessee and Texas.