Trustmark (NASDAQ:TRMK) Sets New 12-Month High on Earnings Beat

Trustmark Co. (NASDAQ:TRMK - Get Free Report) hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $35.75 and last traded at $34.64, with a volume of 80613 shares trading hands. The stock had previously closed at $34.50.

The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. Trustmark had a net margin of 16.24% and a return on equity of 9.32%. The business had revenue of $192.30 million for the quarter, compared to the consensus estimate of $192.77 million. During the same quarter last year, the company posted $0.64 earnings per share.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. DA Davidson lifted their price target on Trustmark from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Thursday, July 25th. Truist Financial lowered their price target on shares of Trustmark from $37.00 to $35.00 and set a "hold" rating for the company in a research report on Friday, September 20th. Finally, StockNews.com lowered shares of Trustmark from a "hold" rating to a "sell" rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $34.50.

Institutional Trading of Trustmark

A number of large investors have recently added to or reduced their stakes in TRMK. Wellington Management Group LLP bought a new position in Trustmark during the fourth quarter worth about $12,572,000. American Century Companies Inc. increased its position in Trustmark by 25.3% during the second quarter. American Century Companies Inc. now owns 986,322 shares of the financial services provider's stock worth $29,629,000 after acquiring an additional 199,245 shares during the period. Stieven Capital Advisors L.P. increased its position in Trustmark by 57.2% during the first quarter. Stieven Capital Advisors L.P. now owns 503,000 shares of the financial services provider's stock worth $14,139,000 after acquiring an additional 183,100 shares during the period. Hanson & Doremus Investment Management bought a new position in Trustmark during the second quarter worth about $4,199,000. Finally, Earnest Partners LLC increased its position in Trustmark by 3.1% during the second quarter. Earnest Partners LLC now owns 3,442,019 shares of the financial services provider's stock worth $103,398,000 after acquiring an additional 102,268 shares during the period. Institutional investors and hedge funds own 67.64% of the company's stock.

Trustmark Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $2.12 billion, a P/E ratio of 13.42 and a beta of 0.73. The firm's fifty day simple moving average is $32.48 and its 200 day simple moving average is $30.85.

Trustmark Company Profile

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.

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