Trustmark (NASDAQ:TRMK) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Trustmark Corporation (NASDAQ:TRMK) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $45.11 and traded as high as $46.22. Trustmark shares last traded at $45.69, with a volume of 294,000 shares.

Wall Street Analysts Forecast Growth

TRMK has been the topic of a number of analyst reports. Wall Street Zen raised Trustmark from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Piper Sandler increased their target price on Trustmark from $45.50 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Weiss Ratings raised Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, August 14th. Keefe, Bruyette & Woods lifted their price target on Trustmark from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, September 16th. Finally, DA Davidson upped their price objective on Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Trustmark has an average rating of “Moderate Buy” and an average price target of $47.38.

Trustmark Stock Down 0.1%

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 11.69 and a beta of 0.64. The firm’s 50-day simple moving average is $46.85 and its two-hundred day simple moving average is $45.14.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $213.38 million during the quarter, compared to the consensus estimate of $210.30 million. Trustmark had a net margin of 20.75% and a return on equity of 10.69%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $0.92 EPS. Sell-side analysts predict that Trustmark Corporation will post 3.96 EPS for the current fiscal year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.00 annualized dividend and a yield of 2.2%. Trustmark’s payout ratio is currently 25.38%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Nykredit A S purchased a new stake in shares of Trustmark in the 2nd quarter worth about $29,000. Public Employees Retirement System of Ohio acquired a new position in Trustmark during the second quarter worth about $39,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Trustmark by 1,129.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 779 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Trustmark in the second quarter valued at approximately $63,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Trustmark by 23.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,657 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 314 shares in the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

About Trustmark

Trustmark Corporation is a financial services company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides banking, wealth management and insurance services to individuals, businesses and institutions.

Its banking offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury management, payment services and online and mobile banking. Trustmark’s wealth management business provides investment management, trust administration, financial planning and retirement services, while its insurance operations offer personal and commercial coverage through affiliated agencies.

Trustmark traces its history to 1889 and serves customers primarily across the southeastern United States, including Mississippi, Alabama, Florida, Tennessee and Texas.