Trustmark Co. (NASDAQ:TRMK) Increases Dividend to $0.24 Per Share

Trustmark Co. (NASDAQ:TRMK) declared a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Stockholders of record on Saturday, March 1st will be given a dividend of 0.24 per share by the financial services provider on Saturday, March 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Friday, February 28th. This is a boost from Trustmark’s previous quarterly dividend of $0.23.

Trustmark has a payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Trustmark to earn $3.19 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 28.8%.

Trustmark Stock Performance

Shares of TRMK stock traded up $0.86 on Wednesday, reaching $37.38. The stock had a trading volume of 606,687 shares, compared to its average volume of 309,620. The stock has a market cap of $2.29 billion, a P/E ratio of 11.29 and a beta of 0.76. Trustmark has a 1 year low of $25.24 and a 1 year high of $40.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.87. The company has a 50 day simple moving average of $36.53 and a 200 day simple moving average of $34.56.

Trustmark (NASDAQ:TRMK) last released its earnings results on Tuesday, January 28th. The financial services provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.09. Trustmark had a return on equity of 9.48% and a net margin of 17.62%. Equities research analysts expect that Trustmark will post 2.96 EPS for the current year.

Insider Buying and Selling at Trustmark

In related news, Director Gerard R. Host sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $38.59, for a total value of $270,130.00. Following the completion of the sale, the director now owns 16,500 shares in the company, valued at approximately $636,735. The trade was a 29.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. DA Davidson lifted their target price on Trustmark from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Hovde Group boosted their price objective on Trustmark from $34.00 to $37.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. Janney Montgomery Scott started coverage on Trustmark in a research report on Friday, January 24th. They issued a “buy” rating and a $42.00 price objective on the stock. Finally, Truist Financial boosted their price objective on Trustmark from $35.00 to $36.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.33.

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.