Trustmark Corporation (NASDAQ:TRMK) Stock Has Consensus Target Price of $47.38

Trustmark Corporation (NASDAQ:TRMK) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $47.38.

A number of brokerages have recently issued reports on TRMK. Keefe, Bruyette & Woods raised their price target on shares of Trustmark from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, September 16th. Piper Sandler boosted their price objective on shares of Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. DA Davidson increased their price objective on shares of Trustmark from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, August 14th. Finally, Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th.

Institutional Trading of Trustmark

Several large investors have recently modified their holdings of TRMK. Hsbc Holdings PLC bought a new position in Trustmark in the fourth quarter valued at about $898,000. Bank of America Corp DE lifted its stake in shares of Trustmark by 121.1% in the 1st quarter. Bank of America Corp DE now owns 316,772 shares of the financial services provider’s stock worth $13,349,000 after purchasing an additional 173,486 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Trustmark in the second quarter worth approximately $1,283,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Trustmark in the second quarter worth approximately $1,859,000. Finally, Canada Pension Plan Investment Board bought a new stake in Trustmark during the second quarter valued at approximately $1,459,000. Institutional investors own 67.64% of the company’s stock.

Trustmark Stock Performance

TRMK stock opened at $45.08 on Tuesday. The stock’s 50 day simple moving average is $46.73 and its 200 day simple moving average is $45.28. 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 stock has a market capitalization of $2.62 billion, a PE ratio of 11.44 and a beta of 0.66.

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

Trustmark Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Trustmark’s dividend payout ratio is presently 25.38%.

About Trustmark

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

Trustmark’s offerings include personal and business deposit accounts, consumer and commercial loans, mortgage lending, treasury management, online and mobile banking, and other traditional banking services. The company also provides wealth management, investment, trust, and brokerage services, as well as insurance products through affiliated operations.

Founded in 1889, Trustmark has developed a regional banking presence across the Southeast.