Trustmark (NASDAQ:TRMK) Sets New 52-Week High on Better-Than-Expected Earnings

Shares of Trustmark Co. (NASDAQ:TRMK - Get Free Report) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $35.75 and last traded at $34.64, with a volume of 80613 shares changing hands. The stock had previously closed at $34.50.

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

Analyst Upgrades and Downgrades

TRMK has been the topic of several recent research reports. Truist Financial lowered their price objective on Trustmark from $37.00 to $35.00 and set a "hold" rating on the stock in a research report on Friday, September 20th. DA Davidson increased their price target on shares of Trustmark from $34.00 to $38.00 and gave the stock a "neutral" rating in a report on Thursday, July 25th. Finally, StockNews.com cut 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $34.50.

Institutional Investors Weigh In On Trustmark

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in Trustmark by 62.1% in the 2nd quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider's stock worth $28,000 after buying an additional 351 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Trustmark during the first quarter worth approximately $52,000. Innealta Capital LLC acquired a new position in Trustmark in the 2nd quarter valued at $61,000. nVerses Capital LLC purchased a new position in Trustmark in the 3rd quarter valued at $67,000. Finally, CWM LLC lifted its holdings in Trustmark by 14.6% in the 2nd quarter. CWM LLC now owns 4,783 shares of the financial services provider's stock valued at $144,000 after purchasing an additional 611 shares in the last quarter. Institutional investors and hedge funds own 67.64% of the company's stock.

Trustmark Price Performance

The stock's fifty day moving average price is $32.55 and its 200-day moving average price is $30.88. The firm has a market cap of $2.11 billion, a PE ratio of 13.40 and a beta of 0.73. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.86.

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.