Trustmark (NASDAQ:TRMK) Given New $50.00 Price Target at Keefe, Bruyette & Woods

Trustmark (NASDAQ:TRMK) had its target price raised by analysts at Keefe, Bruyette & Woods from $48.00 to $50.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 5.16% from the company’s previous close.

TRMK has been the topic of several other research reports. Weiss Ratings upgraded Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, August 14th. DA Davidson increased their price target on Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Piper Sandler upped their price target on Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded Trustmark from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $47.38.

Trustmark Price Performance

Shares of Trustmark stock traded up $0.03 on Wednesday, hitting $47.55. 189,551 shares of the company traded hands, compared to its average volume of 392,588. The firm’s 50-day simple moving average is $46.84 and its 200 day simple moving average is $44.98. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.11. Trustmark has a 12-month low of $36.33 and a 12-month high of $49.00. The company has a market cap of $2.76 billion, a P/E ratio of 12.06 and a beta of 0.64.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The company had revenue of $213.38 million for the quarter, compared to analyst estimates of $210.30 million. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 earnings per share. Analysts expect that Trustmark will post 3.96 earnings per share for the current fiscal year.

Institutional Trading of Trustmark

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nykredit A S bought a new position in Trustmark during the second quarter valued at about $29,000. Rockefeller Capital Management L.P. lifted its holdings in Trustmark by 1,129.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 848 shares of the financial services provider’s stock worth $33,000 after buying an additional 779 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Trustmark during the second quarter valued at approximately $39,000. Global Retirement Partners LLC bought a new position in shares of Trustmark during the second quarter valued at approximately $63,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Trustmark by 23.4% in the first quarter. EverSource Wealth Advisors LLC now owns 1,657 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 314 shares during the period. 67.64% of the stock is owned by hedge funds and other institutional investors.

Trustmark Company Profile

Trustmark Corporation is a financial services company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides banking, wealth management and insurance services to individuals, businesses and institutions.

Its banking offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury management, payment services and online and mobile banking. Trustmark’s wealth management business provides investment management, trust administration, financial planning and retirement services, while its insurance operations offer personal and commercial coverage through affiliated agencies.

Trustmark traces its history to 1889 and serves customers primarily across the southeastern United States, including Mississippi, Alabama, Florida, Tennessee and Texas.