Trustmark (NASDAQ:TRMK) Price Target Raised to $50.00

Trustmark (NASDAQ:TRMK) had its price target boosted by Keefe, Bruyette & Woods from $48.00 to $50.00 in a research report released on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

A number of other analysts have also issued reports on TRMK. DA Davidson lifted their price objective on shares of Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Piper Sandler raised their price target on shares of Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Trustmark currently has a consensus rating of “Hold” and a consensus target price of $47.38.

Trustmark Price Performance

Shares of NASDAQ TRMK opened at $46.71 on Wednesday. Trustmark has a 1-year low of $36.33 and a 1-year high of $49.00. The business has a 50-day moving average of $46.90 and a 200-day moving average of $45.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 11.86 and a beta of 0.64.

Trustmark (NASDAQ:TRMK) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $213.38 million for the quarter, compared to the consensus estimate of $210.30 million. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The company’s revenue was up 4.8% on a year-over-year basis. During the same period last year, the business posted $0.92 EPS. On average, equities analysts anticipate that Trustmark will post 3.96 EPS for the current fiscal year.

Trustmark Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, September 1st. Trustmark’s dividend payout ratio (DPR) is 25.38%.

Hedge Funds Weigh In On Trustmark

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Trustmark during the second quarter worth approximately $395,920,000. Dimensional Fund Advisors LP raised its holdings in Trustmark by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,897,556 shares of the financial services provider’s stock valued at $164,244,000 after acquiring an additional 20,628 shares in the last quarter. North Reef Capital Management LP acquired a new stake in Trustmark in the first quarter valued at $82,296,000. Bank of New York Mellon Corp acquired a new stake in Trustmark in the second quarter valued at $22,676,000. Finally, Bridgeway Capital Management LLC boosted its stake in Trustmark by 156.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 389,333 shares of the financial services provider’s stock valued at $15,165,000 after acquiring an additional 237,266 shares during the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

About Trustmark

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.