Trustmark Corporation (TRMK) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Trustmark Corporation (NASDAQ:TRMK) from a hold rating to a buy rating in a research report report published on Saturday morning. They currently have $36.00 target price on the financial services provider’s stock.
According to Zacks, “Trustmark Corporation is a multi-bank holding company. Its primary business activities are conducted through its wholly-owned subsidiary, Trustmark National Bank and Trustmark National Bank’s wholly-owned nonbanking subsidiaries, Trustmark Financial Services, Inc. and Trustmark Insurance Agency, Inc. Trustmark National Bank accounts for substantially all of the assets and revenues of the company. “
Other analysts have also recently issued research reports about the company. Stephens set a $35.00 price target on Trustmark Corporation and gave the company a hold rating in a report on Wednesday, July 26th. BidaskClub raised Trustmark Corporation from a sell rating to a hold rating in a report on Friday, June 30th. Hovde Group raised their price target on Trustmark Corporation from $36.00 to $38.00 and gave the company an outperform rating in a report on Thursday, April 27th. Jefferies Group LLC reaffirmed a hold rating and issued a $35.00 price target on shares of Trustmark Corporation in a report on Monday, May 15th. Finally, ValuEngine raised Trustmark Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $34.20.
Trustmark Corporation (NASDAQ:TRMK) opened at 32.06 on Friday. The company has a market cap of $2.17 billion, a PE ratio of 19.31 and a beta of 1.14. The firm has a 50-day moving average price of $32.29 and a 200-day moving average price of $32.39. Trustmark Corporation has a 52-week low of $25.56 and a 52-week high of $36.79.
Trustmark Corporation (NASDAQ:TRMK) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. Trustmark Corporation had a return on equity of 8.04% and a net margin of 18.35%. The firm had revenue of $157.10 million for the quarter, compared to analysts’ expectations of $152.57 million. During the same quarter last year, the firm posted $0.40 EPS. On average, analysts forecast that Trustmark Corporation will post $1.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.92 annualized dividend and a dividend yield of 2.87%. Trustmark Corporation’s dividend payout ratio (DPR) is presently 54.12%.
In other news, insider Charles Scott Woods sold 1,000 shares of the stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $32.00, for a total transaction of $32,000.00. Following the transaction, the insider now directly owns 13,344 shares in the company, valued at approximately $427,008. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Duane A. Dewey sold 5,748 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $30.85, for a total value of $177,325.80. Following the transaction, the insider now owns 27,909 shares in the company, valued at $860,992.65. The disclosure for this sale can be found here. 1.37% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Trustmark Corporation during the fourth quarter valued at approximately $30,268,000. Teachers Advisors LLC raised its position in shares of Trustmark Corporation by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 116,728 shares of the financial services provider’s stock valued at $4,161,000 after buying an additional 5,087 shares during the period. Creative Planning raised its position in shares of Trustmark Corporation by 1.7% in the first quarter. Creative Planning now owns 3,464 shares of the financial services provider’s stock valued at $110,000 after buying an additional 59 shares during the period. Bank of Montreal Can raised its position in shares of Trustmark Corporation by 0.3% in the first quarter. Bank of Montreal Can now owns 5,759 shares of the financial services provider’s stock valued at $182,000 after buying an additional 20 shares during the period. Finally, Alpha Windward LLC raised its position in shares of Trustmark Corporation by 0.9% in the first quarter. Alpha Windward LLC now owns 14,040 shares of the financial services provider’s stock valued at $446,000 after buying an additional 120 shares during the period. Hedge funds and other institutional investors own 62.36% of the company’s stock.
About Trustmark Corporation
Trustmark Corporation is a bank holding company. The Company’s principal subsidiary is Trustmark National Bank (TNB). Through TNB and its subsidiaries, the Company operates as a financial services company providing banking and other financial solutions. It operates through three segments: General Banking, Wealth Management and Insurance.
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