Trustmark Corporation (NASDAQ:TRMK) Stock Now Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Trustmark has a “Moderate Buy” consensus from six analysts, with four holds, one buy and one strong buy; the average 12-month price target is $47.38.
• Trustmark exceeded quarterly expectations, reporting $0.97 in EPS and $213.38 million in revenue, while revenue rose 4.8% year over year.
• The company paid a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 2.2% yield; institutional investors own 67.64% of outstanding shares.

Shares of Trustmark Corporation (NASDAQ:TRMK - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $47.38.

A number of brokerages have recently issued reports on TRMK. Keefe, Bruyette & Woods boosted their price objective on shares of Trustmark from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, September 16th. DA Davidson raised their target price on Trustmark from $46.00 to $48.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Wall Street Zen upgraded Trustmark from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Weiss Ratings upgraded Trustmark from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, August 14th. Finally, Piper Sandler boosted their price target on Trustmark from $45.50 to $47.00 and gave the company a "neutral" rating in a report on Thursday, July 30th.

Institutional Investors Weigh In On Trustmark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRMK. Nykredit A S bought a new stake in Trustmark during the 2nd quarter worth approximately $29,000. Public Employees Retirement System of Ohio bought a new position in shares of Trustmark in the second quarter worth approximately $39,000. Rockefeller Capital Management L.P. increased its stake 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 worth $33,000 after purchasing an additional 779 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Trustmark in the second quarter worth $63,000. Finally, EverSource Wealth Advisors LLC raised its position 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 valued at $70,000 after purchasing an additional 314 shares during the period. 67.64% of the stock is owned by hedge funds and other institutional investors.

Trustmark Stock Performance

TRMK opened at $45.62 on Tuesday. The company's 50 day moving average is $46.81 and its 200 day moving average is $45.20. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 11.58 and a beta of 0.64. Trustmark has a 12-month low of $36.33 and a 12-month high of $49.00.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. Trustmark had a net margin of 20.75% and a return on equity of 10.69%. The business had revenue of $213.38 million during the quarter, compared to analysts' expectations of $210.30 million. During the same period in the prior year, the company earned $0.92 earnings per share. The firm's revenue was up 4.8% on a year-over-year basis. On average, equities research analysts predict that Trustmark will post 3.96 EPS for the current year.

Trustmark Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Trustmark's payout ratio is presently 25.38%.

Trustmark Company Profile

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.

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