Trustmark (NASDAQ:TRMK) Reaches New 12-Month High - Here's Why

Trustmark Co. (NASDAQ:TRMK - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $35.95 and last traded at $35.95, with a volume of 321 shares trading hands. The stock had previously closed at $35.36.

Analyst Upgrades and Downgrades

TRMK has been the subject of a number of recent analyst reports. DA Davidson upped their price objective on Trustmark from $34.00 to $38.00 and gave the company a "neutral" rating in a research note on Thursday, July 25th. StockNews.com downgraded Trustmark from a "hold" rating to a "sell" rating in a research note on Wednesday, October 9th. Finally, Truist Financial cut their price target on Trustmark from $37.00 to $35.00 and set a "hold" rating for the company in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, Trustmark presently has a consensus rating of "Hold" and a consensus target price of $34.50.

Trustmark Trading Down 0.1 %

The firm has a 50 day simple moving average of $32.21 and a 200 day simple moving average of $30.62. The firm has a market cap of $2.16 billion, a P/E ratio of 13.76 and a beta of 0.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.86 and a current ratio of 0.87.

Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.03. Trustmark had a return on equity of 9.32% and a net margin of 16.24%. The firm had revenue of $283.96 million for the quarter, compared to analysts' expectations of $229.83 million. During the same quarter last year, the firm posted $0.74 EPS. On average, equities research analysts predict that Trustmark Co. will post 2.92 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st were issued a $0.23 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.92 annualized dividend and a dividend yield of 2.61%. Trustmark's payout ratio is currently 35.80%.

Hedge Funds Weigh In On Trustmark

A number of large investors have recently modified their holdings of TRMK. Wellington Management Group LLP purchased a new position in shares of Trustmark during the 4th quarter valued at about $12,572,000. Vanguard Group Inc. grew its position in Trustmark by 0.8% during 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 during the last quarter. Principal Financial Group Inc. grew its position in Trustmark by 5.9% during the 1st quarter. Principal Financial Group Inc. now owns 576,057 shares of the financial services provider's stock worth $16,193,000 after acquiring an additional 31,951 shares during the last quarter. BNP Paribas Financial Markets grew its position in Trustmark by 23.6% during the 1st quarter. BNP Paribas Financial Markets now owns 30,562 shares of the financial services provider's stock worth $859,000 after acquiring an additional 5,834 shares during the last quarter. Finally, Wakefield Asset Management LLLP bought a new position in Trustmark during the 1st quarter worth approximately $949,000. 67.64% of the stock is owned by hedge funds and other 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.