Trustmark (NASDAQ:TRMK) Reaches New 12-Month High on Better-Than-Expected Earnings

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

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. StockNews.com upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. DA Davidson reissued a “neutral” rating on shares of Trustmark in a report on Monday, January 15th. TheStreet raised shares of Trustmark from a “c+” rating to a “b” rating in a report on Tuesday, January 23rd. Piper Sandler reissued a “neutral” rating and set a $29.00 price target on shares of Trustmark in a report on Tuesday, March 26th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Trustmark from $27.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $29.67.

Institutional Investors Weigh In On Trustmark

A number of institutional investors and hedge funds have recently bought and sold shares of TRMK. AE Wealth Management LLC purchased a new position in shares of Trustmark in the third quarter worth approximately $337,000. SG Americas Securities LLC purchased a new position in Trustmark during the 3rd quarter worth approximately $535,000. Commonwealth Equity Services LLC grew its position in Trustmark by 4.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 12,824 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 587 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Trustmark by 29.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,369 shares of the financial services provider’s stock worth $269,000 after purchasing an additional 2,813 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Trustmark during the 3rd quarter worth approximately $562,000. 67.64% of the stock is owned by institutional investors and hedge funds.

Trustmark Stock Performance

The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.80 billion, a PE ratio of 10.78 and a beta of 0.82. The firm’s 50-day simple moving average is $26.74 and its two-hundred day simple moving average is $25.43.

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.