Trustmark (NASDAQ:TRMK) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Trustmark from “Sell” to “Hold,” while the broader analyst consensus remains “Hold” with an average price target of $46.12.
• Trustmark exceeded quarterly expectations, reporting $0.97 EPS versus a $0.96 estimate and $213.38 million in revenue versus $210.30 million; revenue rose 4.8% year over year.
• The stock opened at $47.42, near its $49.00 52-week high, with a $2.78 billion market capitalization; institutional investors own 67.64% of outstanding shares.

Trustmark (NASDAQ:TRMK - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Sunday.

A number of other analysts have also weighed in on the stock. Piper Sandler upped their price target on shares of Trustmark from $45.50 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded shares of Trustmark from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 1st. Finally, DA Davidson boosted 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. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Trustmark currently has a consensus rating of "Hold" and an average target price of $46.12.

Trustmark Stock Performance

NASDAQ:TRMK opened at $47.42 on Friday. The stock has a market cap of $2.78 billion, a P/E ratio of 12.04 and a beta of 0.65. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. Trustmark has a 1-year low of $36.33 and a 1-year high of $49.00. The firm has a 50-day moving average of $46.02 and a two-hundred day moving average of $44.29.

Trustmark (NASDAQ:TRMK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. The business 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 quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 earnings per share. On average, research analysts expect that Trustmark will post 3.93 earnings per share for the current fiscal year.

Institutional Trading of Trustmark

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hsbc Holdings PLC acquired a new stake in shares of Trustmark during the 4th quarter valued at $898,000. UBS Group AG grew its holdings in shares of Trustmark by 282.0% in the 4th quarter. UBS Group AG now owns 640,419 shares of the financial services provider's stock worth $24,944,000 after acquiring an additional 472,751 shares during the last quarter. Horizon Investments LLC acquired a new position in shares of Trustmark in the 4th quarter worth $1,185,000. North Reef Capital Management LP acquired a new stake in shares of Trustmark during the first quarter worth $82,296,000. Finally, Fifth Third Bancorp raised its position in shares of Trustmark by 8,376.7% during the first quarter. Fifth Third Bancorp now owns 21,785 shares of the financial services provider's stock worth $918,000 after purchasing an additional 21,528 shares during the period. 67.64% of the stock is currently owned by institutional investors.

Trustmark Company Profile

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark's offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.

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