Trustmark (NASDAQ:TRMK) Hits New 52-Week High – Still a Buy?

Trustmark Corporation (NASDAQ:TRMK) reached a new 52-week high during trading on Thursday . The company traded as high as $47.62 and last traded at $47.7240, with a volume of 26381 shares. The stock had previously closed at $46.73.

Analysts Set New Price Targets

TRMK has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $45.00 target price on shares of Trustmark in a research report on Thursday, April 9th. DA Davidson reiterated a “neutral” rating and set a $44.00 price target on shares of Trustmark in a research note on Wednesday, April 29th. Piper Sandler raised their price objective on Trustmark from $44.00 to $45.50 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings raised Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 1st. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $44.75.

Trustmark Trading Up 2.2%

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. The company’s fifty day moving average is $44.99 and its 200-day moving average is $43.45. The stock has a market cap of $2.80 billion, a PE ratio of 12.63 and a beta of 0.65.

Trustmark (NASDAQ:TRMK) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the firm posted $0.88 earnings per share. On average, analysts predict that Trustmark Corporation will post 3.92 earnings per share for the current fiscal year.

Trustmark Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. purchased a new stake in Trustmark in the 4th quarter worth approximately $31,000. Rockefeller Capital Management L.P. increased its holdings in shares of Trustmark by 1,129.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 779 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Trustmark in the 4th quarter valued at $36,000. EverSource Wealth Advisors LLC lifted its stake in shares of Trustmark by 452.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 1,022 shares during the period. Finally, IFP Advisors Inc boosted its holdings in Trustmark by 24.1% during the third quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock worth $54,000 after buying an additional 267 shares in the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

About Trustmark

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.