Trustmark (NASDAQ:TRMK) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Trustmark (NASDAQ:TRMK) released its earnings results on Tuesday. The financial services provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01, FiscalAI reports. The firm had revenue of $213.38 million during the quarter, compared to analysts’ expectations of $210.30 million. Trustmark had a net margin of 20.12% and a return on equity of 10.74%.

Trustmark Stock Performance

TRMK stock traded up $0.46 during midday trading on Tuesday, hitting $46.77. The stock had a trading volume of 607,844 shares, compared to its average volume of 406,414. Trustmark has a 52 week low of $36.05 and a 52 week high of $48.00. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. The stock has a 50-day simple moving average of $45.41 and a 200 day simple moving average of $43.85. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 12.37 and a beta of 0.65.

Hedge Funds Weigh In On Trustmark

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in shares of Trustmark by 8.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider’s stock worth $153,802,000 after acquiring an additional 316,851 shares during the period. Geode Capital Management LLC increased its stake in Trustmark by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,491,837 shares of the financial services provider’s stock valued at $58,112,000 after acquiring an additional 9,198 shares during the period. Goldman Sachs Group Inc. increased its stake in Trustmark by 17.2% in the first quarter. Goldman Sachs Group Inc. now owns 470,756 shares of the financial services provider’s stock valued at $16,236,000 after acquiring an additional 69,110 shares during the period. Federated Hermes Inc. raised its position in Trustmark by 18.1% in the fourth quarter. Federated Hermes Inc. now owns 435,904 shares of the financial services provider’s stock worth $16,978,000 after purchasing an additional 66,795 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Trustmark by 18.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 321,808 shares of the financial services provider’s stock worth $12,744,000 after purchasing an additional 49,741 shares in the last quarter. Institutional investors and hedge funds own 67.64% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. DA Davidson restated a “neutral” rating and set a $44.00 price objective on shares of Trustmark in a report on Wednesday, April 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $45.00 target price on shares of Trustmark in a research note on Thursday, April 9th. Weiss Ratings raised Trustmark from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 1st. Wall Street Zen raised Trustmark from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Piper Sandler boosted their price target on Trustmark from $44.00 to $45.50 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.75.

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.