Trustmark (NASDAQ:TRMK) Sets New 52-Week High – Here’s What Happened

Trustmark Corporation (NASDAQ:TRMK) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $41.50 and last traded at $41.3640, with a volume of 126522 shares changing hands. The stock had previously closed at $41.17.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TRMK. Wall Street Zen upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a report on Saturday, January 3rd. Zacks Research cut Trustmark from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Trustmark in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.25.

Trustmark Stock Performance

The company has a 50-day simple moving average of $39.48 and a two-hundred day simple moving average of $39.03. The firm has a market cap of $2.48 billion, a PE ratio of 11.29 and a beta of 0.69. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.09.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Trustmark had a net margin of 19.82% and a return on equity of 10.90%. The business had revenue of $207.53 million during the quarter, compared to analysts’ expectations of $206.13 million. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities research analysts forecast that Trustmark Corporation will post 3.42 earnings per share for the current year.

Trustmark Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.3%. Trustmark’s dividend payout ratio (DPR) is presently 26.23%.

Hedge Funds Weigh In On Trustmark

Hedge funds have recently modified their holdings of the company. HB Wealth Management LLC increased its position in shares of Trustmark by 544.0% during the third quarter. HB Wealth Management LLC now owns 70,211 shares of the financial services provider’s stock worth $2,780,000 after purchasing an additional 59,308 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Trustmark in the second quarter valued at $241,000. Squarepoint Ops LLC grew its position in shares of Trustmark by 256.9% in the second quarter. Squarepoint Ops LLC now owns 137,792 shares of the financial services provider’s stock valued at $5,024,000 after purchasing an additional 99,189 shares during the last quarter. Barnes Pettey Financial Advisors LLC grew its holdings in shares of Trustmark by 22.6% during the second quarter. Barnes Pettey Financial Advisors LLC now owns 10,886 shares of the financial services provider’s stock worth $397,000 after buying an additional 2,004 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Trustmark by 6.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 35,981 shares of the financial services provider’s stock worth $1,311,000 after purchasing an additional 2,177 shares during the period. 67.64% of the stock is currently owned by institutional investors.

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.