Trustmark (NASDAQ:TRMK) Reaches New 52-Week High After Earnings Beat

Trustmark Co. (NASDAQ:TRMK)’s stock price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock 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 for the quarter, beating the consensus estimate of $0.60 by $0.08. Trustmark had a net margin of 15.06% and a return on equity of 10.77%. The business had revenue of $288.55 million for the quarter, compared to analyst estimates of $187.03 million. During the same period in the prior year, the business posted $0.82 earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Piper Sandler restated a “neutral” rating and issued a $29.00 price objective on shares of Trustmark in a report on Tuesday, March 26th. TheStreet upgraded shares of Trustmark from a “c+” rating to a “b” rating in a report on Tuesday, January 23rd. 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 target price on shares of Trustmark from $29.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, April 1st. Finally, Keefe, Bruyette & Woods upped their target price on shares of Trustmark from $27.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $29.67.

Institutional Investors Weigh In On Trustmark

Large investors have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in shares of Trustmark during the third quarter worth $28,000. Arlington Trust Co LLC bought a new stake in shares of Trustmark during the fourth quarter worth $84,000. Nisa Investment Advisors LLC increased its position in shares of Trustmark by 1,029.7% during the third quarter. Nisa Investment Advisors LLC now owns 6,055 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 5,519 shares in the last quarter. Advisor Resource Council bought a new stake in shares of Trustmark during the fourth quarter worth $230,000. Finally, Element Wealth LLC acquired a new position in Trustmark during the fourth quarter worth $246,000. Institutional investors own 67.64% of the company’s stock.

Trustmark Price Performance

The company’s fifty day moving average is $26.74 and its 200 day moving average is $25.43. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 10.78 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.11.

Trustmark Company Profile

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.