Trustmark Corporation (TRMK) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Trustmark Corporation (NASDAQ:TRMK) from a hold rating to a buy rating in a report released on Friday morning. The brokerage currently has $33.00 price objective on the financial services provider’s stock.
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. “
TRMK has been the topic of several other reports. ValuEngine raised Trustmark Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. Hovde Group cut Trustmark Corporation from an outperform rating to a market perform rating and set a $34.00 price objective on the stock. in a research report on Friday, June 23rd. BidaskClub cut Trustmark Corporation from a hold rating to a sell rating in a research report on Thursday, June 22nd. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $35.00 price objective on shares of Trustmark Corporation in a research report on Monday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and an average price target of $33.40.
Shares of Trustmark Corporation (NASDAQ:TRMK) opened at 28.68 on Friday. The stock has a market capitalization of $1.94 billion, a P/E ratio of 16.89 and a beta of 1.15. The firm’s 50-day moving average is $30.59 and its 200 day moving average is $31.78. Trustmark Corporation has a 12-month low of $26.81 and a 12-month high of $36.79.
Trustmark Corporation (NASDAQ:TRMK) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The business had revenue of $157.10 million for the quarter, compared to analysts’ expectations of $152.57 million. Trustmark Corporation had a return on equity of 8.04% and a net margin of 18.35%. During the same period last year, the firm posted $0.40 earnings per share. On average, equities research analysts forecast that Trustmark Corporation will post $1.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.21%. Trustmark Corporation’s payout ratio is currently 54.12%.
In other news, insider Charles Scott Woods sold 1,000 shares of Trustmark Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $32.00, for a total transaction of $32,000.00. Following the transaction, the insider now directly owns 13,344 shares of the company’s stock, valued at approximately $427,008. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.37% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of TRMK. Flinton Capital Management LLC lifted its position in shares of Trustmark Corporation by 14.1% during the 1st quarter. Flinton Capital Management LLC now owns 3,232 shares of the financial services provider’s stock valued at $103,000 after buying an additional 400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Trustmark Corporation by 9.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,333 shares of the financial services provider’s stock valued at $107,000 after buying an additional 296 shares in the last quarter. Creative Planning lifted its position in shares of Trustmark Corporation by 1.7% during the 1st quarter. Creative Planning now owns 3,464 shares of the financial services provider’s stock valued at $110,000 after buying an additional 59 shares in the last quarter. Meadow Creek Investment Management LLC lifted its position in shares of Trustmark Corporation by 14.1% during the 1st quarter. Meadow Creek Investment Management LLC now owns 4,444 shares of the financial services provider’s stock valued at $141,000 after buying an additional 550 shares in the last quarter. Finally, Integrated Investment Consultants LLC lifted its position in shares of Trustmark Corporation by 13.8% during the 2nd quarter. Integrated Investment Consultants LLC now owns 4,925 shares of the financial services provider’s stock valued at $158,000 after buying an additional 598 shares in the last quarter. 62.36% of the stock is currently owned by hedge funds and other institutional investors.
About Trustmark Corporation
Trustmark Corporation is a bank holding company. The Company’s principal subsidiary is Trustmark National Bank (TNB). Through TNB and its subsidiaries, the Company operates as a financial services company providing banking and other financial solutions. It operates through three segments: General Banking, Wealth Management and Insurance.
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