Trustmark (NASDAQ:TRMK) Raised 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 note released on Thursday, Marketbeat.com reports. Keefe, Bruyette & Woods currently has $36.00 price objective on the financial services provider’s stock, up from their previous price objective of $30.00.

A number of other research analysts have also issued reports on TRMK. Piper Sandler reiterated a neutral rating and issued a $29.00 target price on shares of Trustmark in a research note on Tuesday, March 26th. StockNews.com upgraded shares of Trustmark from a sell rating to a hold rating in a research note on Friday, April 19th. Truist Financial raised 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. TheStreet upgraded shares of Trustmark from a c+ rating to a b rating in a research report on Tuesday, January 23rd. Finally, DA Davidson restated a neutral rating on shares of Trustmark in a research report on Monday, January 15th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $32.75.

Trustmark Stock Performance

NASDAQ:TRMK opened at $30.05 on Thursday. Trustmark has a 1 year low of $18.96 and a 1 year high of $30.21. The firm’s fifty day simple moving average is $26.89 and its 200 day simple moving average is $25.55. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.84 billion, a PE ratio of 11.69 and a beta of 0.82.

Trustmark (NASDAQ:TRMK) last posted its earnings results on Tuesday, April 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. Trustmark had a net margin of 13.82% and a return on equity of 10.04%. The business had revenue of $288.55 million for the quarter, compared to analyst estimates of $187.03 million. During the same period last year, the business posted $0.82 EPS. On average, sell-side analysts anticipate that Trustmark will post 2.46 EPS for the current year.

Trustmark Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.92 annualized dividend and a yield of 3.06%. Trustmark’s dividend payout ratio is 35.80%.

Institutional Trading of Trustmark

Several hedge funds and other institutional investors have recently bought and sold shares of TRMK. Wellington Management Group LLP bought a new position in shares of Trustmark during the 4th quarter worth about $12,572,000. Norges Bank bought a new position in shares of Trustmark during the 4th quarter worth about $10,992,000. Federated Hermes Inc. lifted its holdings in shares of Trustmark by 2,226.6% during the 4th quarter. Federated Hermes Inc. now owns 329,081 shares of the financial services provider’s stock worth $9,175,000 after acquiring an additional 314,937 shares during the period. Hsbc Holdings PLC bought a new position in shares of Trustmark during the 4th quarter worth about $8,215,000. Finally, Verition Fund Management LLC bought a new position in shares of Trustmark during the 4th quarter worth about $5,611,000. 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.