Trustmark (NASDAQ:TRMK) Reaches New 52-Week High – Time to Buy?

Shares of Trustmark Corporation (NASDAQ:TRMK) reached a new 52-week high on Wednesday . The stock traded as high as $46.83 and last traded at $46.8890, with a volume of 210961 shares traded. The stock had previously closed at $46.01.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRMK. Wall Street Zen raised Trustmark from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Brean Capital assumed coverage on shares of Trustmark in a research report on Thursday, March 12th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $45.00 price objective on shares of Trustmark in a research note on Thursday, April 9th. Weiss Ratings raised shares of Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 1st. Finally, DA Davidson reissued a “neutral” rating and issued a $44.00 price objective on shares of Trustmark in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $44.75.

Trustmark Trading Up 2.5%

The firm’s fifty day simple moving average is $44.66 and its 200 day simple moving average is $43.02. The stock has a market capitalization of $2.76 billion, a P/E ratio of 12.47 and a beta of 0.65. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.87 and a current ratio of 0.89.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.08. The company had revenue of $208.07 million during the quarter, compared to the consensus estimate of $204.98 million. Trustmark had a net margin of 20.12% and a return on equity of 10.74%. During the same quarter in the prior year, the firm posted $0.88 EPS. As a group, equities research analysts forecast that Trustmark Corporation will post 3.92 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.25 per share. The ex-dividend date was Monday, June 1st. This represents a $1.00 annualized dividend and a yield of 2.1%. Trustmark’s dividend payout ratio is presently 26.46%.

Institutional Investors Weigh In On Trustmark

Large investors have recently modified their holdings of the business. North Reef Capital Management LP bought a new position in shares of Trustmark in the 1st quarter valued at $82,296,000. UBS Group AG lifted its position in shares of Trustmark by 282.0% during the 4th quarter. UBS Group AG now owns 640,419 shares of the financial services provider’s stock worth $24,944,000 after buying an additional 472,751 shares during the last quarter. Wellington Management Group LLP boosted its stake in Trustmark by 8.9% in the third quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider’s stock valued at $153,802,000 after buying an additional 316,851 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in Trustmark by 156.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 389,333 shares of the financial services provider’s stock valued at $15,165,000 after buying an additional 237,266 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Trustmark by 121.1% in the first quarter. Bank of America Corp DE now owns 316,772 shares of the financial services provider’s stock valued at $13,349,000 after acquiring an additional 173,486 shares during the last quarter. Institutional investors and hedge funds own 67.64% of the company’s stock.

Trustmark Company Profile

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark’s offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.