Trustmark (NASDAQ:TRMK) Price Target Raised to $44.00

Trustmark (NASDAQ:TRMK) had its price target boosted by DA Davidson from $42.00 to $44.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages have also commented on TRMK. Hovde Group upped their price objective on shares of Trustmark from $42.00 to $44.50 and gave the stock a “market perform” rating in a report on Thursday. Wall Street Zen cut shares of Trustmark from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Trustmark in a report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $43.83.

Trustmark Stock Performance

Shares of Trustmark stock opened at $42.52 on Thursday. The business has a 50-day simple moving average of $40.26 and a 200 day simple moving average of $39.31. Trustmark has a one year low of $29.77 and a one year high of $43.29. 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 firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 11.46 and a beta of 0.69.

Trustmark (NASDAQ:TRMK) last announced its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.06. The firm had revenue of $209.44 million during the quarter, compared to analysts’ expectations of $207.05 million. Trustmark had a return on equity of 10.77% and a net margin of 19.95%.During the same quarter last year, the firm posted $0.92 earnings per share. On average, research analysts anticipate that Trustmark will post 3.42 earnings per share for the current fiscal year.

Trustmark Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 15th. Investors of record on Sunday, March 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, February 27th. This is an increase from Trustmark’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.4%. Trustmark’s payout ratio is 25.88%.

Institutional Investors Weigh In On Trustmark

A number of institutional investors have recently added to or reduced their stakes in TRMK. UBS Group AG increased its position in Trustmark by 282.0% in the fourth quarter. UBS Group AG now owns 640,419 shares of the financial services provider’s stock worth $24,944,000 after buying an additional 472,751 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Trustmark by 8.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,883,882 shares of the financial services provider’s stock worth $153,802,000 after acquiring an additional 316,851 shares during the period. Bridgeway Capital Management LLC increased its holdings in Trustmark by 1,927.6% in the 3rd quarter. Bridgeway Capital Management LLC now owns 152,067 shares of the financial services provider’s stock worth $6,022,000 after acquiring an additional 144,567 shares during the last quarter. American Century Companies Inc. raised its stake in Trustmark by 30.5% in the 3rd quarter. American Century Companies Inc. now owns 564,180 shares of the financial services provider’s stock valued at $22,342,000 after acquiring an additional 132,023 shares during the period. Finally, Bank of America Corp DE raised its stake in Trustmark by 80.4% in the 3rd quarter. Bank of America Corp DE now owns 267,147 shares of the financial services provider’s stock valued at $10,579,000 after acquiring an additional 119,044 shares during the period. 67.64% of the stock is owned by institutional investors.

About Trustmark

Trustmark Corporation is a financial services holding company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides a broad spectrum of commercial and consumer banking services. Trustmark’s offerings include deposit accounts, lending solutions, cash management services, residential and commercial mortgage financing, and credit card processing.

In addition to traditional banking, Trustmark offers trust and wealth management services designed to meet the needs of high-net-worth individuals, families and institutional clients.