Trustmark (NASDAQ:TRMK) Sees Large Volume Increase – Time to Buy?

Trustmark Corporation (NASDAQ:TRMK) saw unusually-strong trading volume on Friday. 879,514 shares were traded during trading, an increase of 111% from the average daily volume of 416,792 shares. The stock last traded at $48.2010 and had previously closed at $47.84.

Key Headlines Impacting Trustmark

These are some of the TRMK headlines that stood out recently:

• Positive Sentiment: The proposed acquisition gives Trustmark shareholders a defined path to a sale, while analysts point to potential operational synergies from combining the two regional banks. Hancock Whitney to Acquire Trustmark in $3.2 Billion Deal Hancock Whitney and Trustmark: Significant Operational Synergies
• Neutral Sentiment: Trustmark and Hancock Whitney held an M&A call to discuss the deal, but the available transcript and slideshow listings provide no additional terms or financial details. Trustmark M&A Call Transcript
• Negative Sentiment: Hancock Whitney shares fell 10.2% after the announcement. Because the transaction is all-stock, weakness in the acquirer’s shares may concern TRMK investors about the value of the consideration, depending on the deal’s exchange terms. Hancock Whitney Shares Decline After Deal Announcement

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Brean Capital downgraded shares of Trustmark from a “strong-buy” rating to a “hold” rating in a research note on Friday. Piper Sandler upped their price target on shares of Trustmark from $45.50 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Trustmark in a research report on Thursday. Wall Street Zen upgraded Trustmark from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Keefe, Bruyette & Woods raised their price objective on Trustmark from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $47.38.

Trustmark Stock Performance

The firm has a market capitalization of $2.76 billion, a PE ratio of 11.97 and a beta of 0.69. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a 50-day moving average price of $45.66 and a 200-day moving average price of $44.97.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $1.00 EPS for the quarter, hitting the consensus estimate of $1.00. The business had revenue of $212.26 million for the quarter, compared to analysts’ expectations of $215.04 million. Trustmark had a return on equity of 10.78% and a net margin of 20.90%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. On average, research analysts expect that Trustmark Corporation will post 3.93 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 annualized dividend and a yield of 2.1%. Trustmark’s payout ratio is currently 25.00%.

Hedge Funds Weigh In On Trustmark

A number of institutional investors have recently made changes to their positions in the business. Jump Financial LLC raised its holdings in Trustmark by 46.9% in the third quarter. Jump Financial LLC now owns 7,665 shares of the financial services provider’s stock valued at $344,000 after acquiring an additional 2,448 shares in the last quarter. EP Wealth Advisors LLC bought a new position in Trustmark during the 3rd quarter valued at $226,000. Marshall Wace LLP bought a new position in Trustmark during the 3rd quarter valued at $702,000. Empowered Funds LLC grew its holdings in Trustmark by 1.4% during the 3rd quarter. Empowered Funds LLC now owns 268,965 shares of the financial services provider’s stock worth $12,058,000 after acquiring an additional 3,620 shares in the last quarter. Finally, Trustmark Bank Trust Department grew its holdings in Trustmark by 13.8% during the 3rd quarter. Trustmark Bank Trust Department now owns 308,169 shares of the financial services provider’s stock worth $13,815,000 after acquiring an additional 37,368 shares in the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

Trustmark Company Profile

Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiary, Trustmark National Bank, the company provides commercial and consumer banking services, including deposit accounts, lending, cash management and digital banking. Trustmark also offers wealth management and insurance services to individuals and businesses. Its insurance operations provide services such as employee benefits and risk management. Founded in 1889, Trustmark serves customers across the southeastern United States, with a presence in Mississippi, Alabama, Florida, Tennessee and Texas.