DA Davidson Comments on Trustmark Co.’s Q1 2024 Earnings (NASDAQ:TRMK)

Trustmark Co. (NASDAQ:TRMK) – DA Davidson increased their Q1 2024 EPS estimates for shares of Trustmark in a note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $0.64 per share for the quarter, up from their prior estimate of $0.63. DA Davidson currently has a “Neutral” rating on the stock. The consensus estimate for Trustmark’s current full-year earnings is $2.44 per share. DA Davidson also issued estimates for Trustmark’s FY2024 earnings at $2.55 EPS and FY2025 earnings at $2.64 EPS.

A number of other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Trustmark from $27.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 26th. StockNews.com upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research report on Friday. TheStreet upgraded shares of Trustmark from a “c+” rating to a “b” rating in a research report on Tuesday, January 23rd. Truist Financial increased their price target on shares of Trustmark from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, April 1st. Finally, Piper Sandler reiterated a “neutral” rating and set a $29.00 price target on shares of Trustmark in a research report on Tuesday, March 26th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $29.67.

Trustmark Stock Performance

Shares of NASDAQ:TRMK opened at $26.73 on Thursday. The company’s 50 day moving average price is $26.73 and its two-hundred day moving average price is $25.30. Trustmark has a 12-month low of $18.96 and a 12-month high of $28.65. The firm has a market cap of $1.64 billion, a PE ratio of 9.86 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. Trustmark had a net margin of 15.06% and a return on equity of 10.77%. The company had revenue of $189.85 million for the quarter, compared to analysts’ expectations of $187.63 million. During the same period in the prior year, the firm earned $0.68 EPS. Trustmark’s quarterly revenue was down 2.7% compared to the same quarter last year.

Trustmark Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, February 29th. Trustmark’s payout ratio is 33.95%.

Institutional Investors Weigh In On Trustmark

Large investors have recently bought and sold shares of the stock. Headlands Technologies LLC acquired a new position in shares of Trustmark during the third quarter valued at about $28,000. Coppell Advisory Solutions Corp. acquired a new position in shares of Trustmark during the fourth quarter valued at about $43,000. Tower Research Capital LLC TRC grew its holdings in shares of Trustmark by 208.2% during the first quarter. Tower Research Capital LLC TRC now owns 2,795 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,888 shares during the last quarter. Point72 Middle East FZE acquired a new position in shares of Trustmark during the fourth quarter valued at about $82,000. Finally, Arlington Trust Co LLC acquired a new position in shares of Trustmark during the fourth quarter valued at about $84,000. 67.64% of the stock is currently owned by institutional investors and hedge funds.

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.