Trustmark (NASDAQ:TRMK) Lifted to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Trustmark (NASDAQ:TRMK) from a market perform rating to an outperform rating in a research report sent to investors on Thursday, Marketbeat Ratings reports. They currently have $36.00 price target on the financial services provider’s stock, up from their prior price target of $30.00.

Other analysts have also recently issued reports about the stock. TheStreet upgraded shares of Trustmark from a c+ rating to a b rating in a report on Tuesday, January 23rd. StockNews.com raised shares of Trustmark from a sell rating to a hold rating in a research note on Friday, April 19th. Piper Sandler reaffirmed a neutral rating and issued a $29.00 price target on shares of Trustmark in a research note on Tuesday, March 26th. Truist Financial lifted their price objective on Trustmark from $29.00 to $30.00 and gave the company a hold rating in a research report on Monday, April 1st. Finally, DA Davidson reaffirmed a neutral rating on shares of Trustmark in a research report on Monday, January 15th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and an average target price of $32.25.

Trustmark Trading Up 1.6 %

NASDAQ:TRMK opened at $29.82 on Thursday. Trustmark has a 1-year low of $18.96 and a 1-year high of $30.09. The stock has a fifty day simple moving average of $26.79 and a 200 day simple moving average of $25.46. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.60 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.60 by $0.08. The business had revenue of $288.55 million during the quarter, compared to analysts’ expectations of $187.03 million. Trustmark had a return on equity of 10.04% and a net margin of 13.82%. During the same quarter last year, the firm posted $0.82 earnings per share. Sell-side analysts forecast that Trustmark will post 2.44 earnings per share for the current year.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, May 31st. Trustmark’s payout ratio is presently 35.80%.

Hedge Funds Weigh In On Trustmark

Several hedge funds have recently bought and sold shares of the business. AE Wealth Management LLC bought a new stake in shares of Trustmark during the 3rd quarter worth about $337,000. SG Americas Securities LLC bought a new stake in Trustmark during the third quarter worth approximately $535,000. Commonwealth Equity Services LLC grew its holdings in Trustmark by 4.8% during the third quarter. Commonwealth Equity Services LLC now owns 12,824 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 587 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Trustmark by 29.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,369 shares of the financial services provider’s stock valued at $269,000 after purchasing an additional 2,813 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in Trustmark in the 3rd quarter valued at $562,000. 67.64% of the stock is owned by institutional investors and hedge funds.

About Trustmark

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.