Trustmark Corp. (TRMK) Upgraded to Buy at Zacks Investment Research
Trustmark Corp. (NASDAQ:TRMK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $31.00 price objective on the financial services provider’s stock. Zacks Investment Research’s price target points to a potential upside of 12.97% from the stock’s current price.
According to Zacks, “Trustmark Corporation is a multi-bank holding company. Its primary business activities are conducted through its wholly-owned subsidiary, Trustmark National Bank and Trustmark National Bank’s wholly-owned nonbanking subsidiaries, Trustmark Financial Services, Inc. and Trustmark Insurance Agency, Inc. Trustmark National Bank accounts for substantially all of the assets and revenues of the company. “
A number of other equities research analysts have also weighed in on TRMK. SunTrust Banks Inc. upped their target price on shares of Trustmark Corp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, June 9th. Jefferies Group upped their target price on shares of Trustmark Corp. from $25.00 to $26.00 and gave the stock a “hold” rating in a report on Thursday, July 28th. Finally, Keefe, Bruyette & Woods upgraded shares of Trustmark Corp. from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $23.00 to $25.00 in a research note on Thursday, July 28th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Trustmark Corp. presently has an average rating of “Hold” and a consensus target price of $26.75.
Shares of Trustmark Corp. (NASDAQ:TRMK) traded up 0.40% during midday trading on Wednesday, hitting $27.55. The stock had a trading volume of 8,694 shares. Trustmark Corp. has a 52 week low of $19.75 and a 52 week high of $28.71. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 17.77 and a beta of 1.21. The stock’s 50-day moving average price is $27.69 and its 200 day moving average price is $25.17.
Trustmark Corp. (NASDAQ:TRMK) last posted its earnings results on Tuesday, July 26th. The financial services provider reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.02. Trustmark Corp. had a net margin of 17.44% and a return on equity of 7.47%. During the same period last year, the firm posted $0.45 EPS. On average, equities analysts forecast that Trustmark Corp. will post $1.64 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Tuesday, August 30th. Trustmark Corp.’s dividend payout ratio is currently 59.36%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio increased its position in Trustmark Corp. by 1.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,426 shares of the financial services provider’s stock worth $110,000 after buying an additional 82 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Trustmark Corp. during the second quarter worth $203,000. Keel Point LLC bought a new position in Trustmark Corp. during the second quarter worth $210,000. Connable Office Inc. bought a new position in Trustmark Corp. during the second quarter worth $215,000. Finally, Amalgamated Bank bought a new position in Trustmark Corp. during the second quarter worth $224,000. 61.26% of the stock is owned by hedge funds and other institutional investors.
About Trustmark Corp.
Trustmark Corporation (Trustmark) is a bank holding company. Trustmark’s principal subsidiary is Trustmark National Bank (TNB). Through TNB and other subsidiaries, Trustmark operates as a financial services organization providing banking and other financial solutions through approximately 205 offices in Alabama, Florida, Mississippi, Tennessee and Texas.
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