Trustmark (NASDAQ:TRMK) Reaches New 1-Year High - Time to Buy?
Trustmark Corporation (NASDAQ:TRMK) reached a new 52-week high of $40.81, closing at $40.59. Analysts have mixed ratings, with a target price range of $39.00 to $43.00. The company reported $0.92 EPS, exceeding estimates, and announced a quarterly dividend of $0.24. Insider trading saw significant sales, while institutional ownership stands at 67.64%. Trustmark's market cap is $2.46 billion, with a P/E ratio of 11.42 and a dividend yield of 2.4%.
Shares of Trustmark Corporation (NASDAQ:TRMK - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $40.81 and last traded at $40.59, with a volume of 19828 shares. The stock had previously closed at $40.60.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on TRMK shares. DA Davidson lifted their price objective on Trustmark from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Hovde Group boosted their target price on Trustmark from $37.00 to $41.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen lowered Trustmark from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Trustmark currently has an average rating of "Hold" and an average target price of $41.00.
Get Our Latest Report on Trustmark
Trustmark Trading Up 0.2%
The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 11.42 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.88. The business has a fifty day simple moving average of $37.70 and a 200 day simple moving average of $35.67.
Trustmark (NASDAQ:TRMK - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. The business had revenue of $203.44 million for the quarter, compared to analyst estimates of $200.35 million. Trustmark had a return on equity of 10.81% and a net margin of 19.21%.During the same period last year, the firm posted $0.66 earnings per share. As a group, research analysts expect that Trustmark Corporation will post 3.42 EPS for the current year.
Trustmark Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, August 29th. Trustmark's payout ratio is presently 26.97%.
Insider Buying and Selling
In related news, Director Gerard R. Host sold 20,970 shares of Trustmark stock in a transaction on Monday, August 18th. The stock was sold at an average price of $38.49, for a total transaction of $807,135.30. Following the sale, the director directly owned 158,360 shares in the company, valued at approximately $6,095,276.40. This trade represents a 11.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Marcelo L. Eduardo sold 700 shares of Trustmark stock in a transaction on Monday, August 18th. The stock was sold at an average price of $38.49, for a total value of $26,943.00. Following the sale, the director owned 8,577 shares in the company, valued at $330,128.73. This trade represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.50% of the company's stock.
Institutional Trading of Trustmark
A number of hedge funds have recently bought and sold shares of TRMK. Wellington Management Group LLP lifted its holdings in Trustmark by 82.2% during the fourth quarter. Wellington Management Group LLP now owns 2,472,561 shares of the financial services provider's stock worth $87,454,000 after acquiring an additional 1,115,708 shares during the period. Nuveen LLC purchased a new position in shares of Trustmark in the 1st quarter worth about $5,697,000. Edgestream Partners L.P. boosted its holdings in Trustmark by 172.9% during the 1st quarter. Edgestream Partners L.P. now owns 204,665 shares of the financial services provider's stock valued at $7,059,000 after acquiring an additional 129,679 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Trustmark by 75.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 272,067 shares of the financial services provider's stock valued at $9,920,000 after acquiring an additional 117,389 shares during the period. Finally, Trexquant Investment LP lifted its holdings in Trustmark by 379.0% in the 1st quarter. Trexquant Investment LP now owns 125,516 shares of the financial services provider's stock worth $4,329,000 after buying an additional 99,313 shares during the period. 67.64% of the stock is currently owned by institutional investors.
About Trustmark
(Get Free Report)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.
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