Trustmark (NASDAQ:TRMK) Stock Rating Cut to Hold at Brean Capital

Trustmark (NASDAQ:TRMK) was downgraded by analysts at Brean Capital from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks reports.

Several other brokerages have also recently weighed in on TRMK. Weiss Ratings restated a “buy (a-)” rating on shares of Trustmark in a research report on Thursday. DA Davidson raised their price objective on Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods lifted their target price on Trustmark from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, September 16th. Wall Street Zen raised Trustmark from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Piper Sandler increased their price target on Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $47.38.

Trustmark Price Performance

Shares of NASDAQ TRMK traded up $0.04 during mid-day trading on Friday, hitting $47.88. 2,930,839 shares of the company’s stock traded hands, compared to its average volume of 606,592. The company’s 50-day moving average is $45.66 and its two-hundred day moving average is $44.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market capitalization of $2.76 billion, a P/E ratio of 11.97 and a beta of 0.69. Trustmark has a 1 year low of $36.41 and a 1 year high of $49.04.

Trustmark (NASDAQ:TRMK) last announced its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $1.00 EPS for the quarter, meeting analysts’ consensus estimates of $1.00. The firm had revenue of $212.26 million during the quarter, compared to the consensus estimate of $215.04 million. Trustmark had a net margin of 20.90% and a return on equity of 10.78%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. On average, equities analysts anticipate that Trustmark will post 3.93 EPS for the current fiscal year.

Institutional Trading of Trustmark

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRMK. Marshall Wace LLP bought a new stake in Trustmark in the third quarter worth about $702,000. Empowered Funds LLC boosted its position in shares of Trustmark by 1.4% during the third quarter. Empowered Funds LLC now owns 268,965 shares of the financial services provider’s stock valued at $12,058,000 after buying an additional 3,620 shares during the period. Trustmark Bank Trust Department grew its stake in shares of Trustmark by 13.8% during the third quarter. Trustmark Bank Trust Department now owns 308,169 shares of the financial services provider’s stock valued at $13,815,000 after buying an additional 37,368 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Trustmark by 2.7% during the third quarter. Russell Investments Group Ltd. now owns 33,615 shares of the financial services provider’s stock valued at $1,507,000 after buying an additional 891 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Trustmark in the third quarter worth approximately $28,000. 67.64% of the stock is owned by hedge funds and other institutional investors.

Latest Trustmark News

Investors following TRMK have been watching these news items:

• Neutral Sentiment: Trustmark and Hancock Whitney held an M&A call to discuss the deal, but the available transcript and slideshow listings provide no additional terms or financial details. Trustmark M&A Call Transcript
• Neutral Sentiment: Two law firms said they are investigating whether Trustmark’s board secured the best value and whether shareholders may have claims. These announcements could add uncertainty, but do not establish wrongdoing or indicate that the deal will change. Amparo Law Firm Investigation
• Negative Sentiment: Hancock Whitney shares fell 10.2% after the announcement. Because the transaction is all-stock, weakness in the acquirer’s shares may concern TRMK investors about the value of the consideration, depending on the deal’s exchange terms. Hancock Whitney Shares Decline After Deal Announcement

About Trustmark

Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiary, Trustmark National Bank, the company provides commercial and consumer banking services, including deposit accounts, lending, cash management and digital banking. Trustmark also offers wealth management and insurance services to individuals and businesses. Its insurance operations provide services such as employee benefits and risk management. Founded in 1889, Trustmark serves customers across the southeastern United States, with a presence in Mississippi, Alabama, Florida, Tennessee and Texas.