Trustmark (NASDAQ:TRMK) Reaches New 12-Month High on Strong Earnings

Shares of Trustmark Co. (NASDAQ:TRMK) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $29.73 and last traded at $29.25, with a volume of 63175 shares changing hands. The stock had previously closed at $27.55.

The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.08. The business had revenue of $288.55 million during the quarter, compared to analysts’ expectations of $187.03 million. Trustmark had a return on equity of 10.77% and a net margin of 15.06%. During the same quarter in the previous year, the firm posted $0.82 EPS.

Wall Street Analyst Weigh In

TRMK has been the subject of several analyst reports. DA Davidson reiterated a “neutral” rating on shares of Trustmark in a research note on Monday, January 15th. StockNews.com raised shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Truist Financial upped their price objective on shares of Trustmark from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. Keefe, Bruyette & Woods lifted their target price on shares of Trustmark from $27.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, January 26th. Finally, Piper Sandler reissued a “neutral” rating and set a $29.00 target price on shares of Trustmark in a research note on Tuesday, March 26th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Trustmark currently has a consensus rating of “Hold” and a consensus price target of $29.67.

Hedge Funds Weigh In On Trustmark

Several institutional investors and hedge funds have recently bought and sold shares of TRMK. Vanguard Group Inc. boosted its holdings in Trustmark by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 6,712,905 shares of the financial services provider’s stock valued at $187,156,000 after acquiring an additional 50,795 shares during the period. Wellington Management Group LLP purchased a new stake in Trustmark during the 4th quarter worth about $12,572,000. Verition Fund Management LLC purchased a new stake in Trustmark during the 4th quarter worth about $5,611,000. Rafferty Asset Management LLC raised its position in Trustmark by 79.2% in the 4th quarter. Rafferty Asset Management LLC now owns 68,202 shares of the financial services provider’s stock valued at $1,901,000 after purchasing an additional 30,134 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its stake in shares of Trustmark by 14.9% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 13,989 shares of the financial services provider’s stock valued at $390,000 after buying an additional 1,812 shares during the period. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Trustmark Stock Performance

The stock has a 50-day moving average price of $26.74 and a 200 day moving average price of $25.43. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 10.85 and a beta of 0.82.

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.