Zacks Investment Research downgraded shares of Trustmark Corporation (NASDAQ:TRMK) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
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. “
A number of other brokerages have also commented on TRMK. BidaskClub raised Trustmark Corporation from a strong sell rating to a sell rating in a report on Saturday, June 10th. Jefferies Group LLC reissued a hold rating and set a $35.00 price target on shares of Trustmark Corporation in a report on Friday, June 9th. Stephens set a $35.00 price target on Trustmark Corporation and gave the company a hold rating in a report on Wednesday, July 26th. ValuEngine raised Trustmark Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Finally, Hovde Group lowered Trustmark Corporation from an outperform rating to a market perform rating and set a $34.00 target price on the stock. in a report on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $33.40.
Shares of Trustmark Corporation (NASDAQ TRMK) opened at 28.68 on Thursday. Trustmark Corporation has a 12 month low of $26.81 and a 12 month high of $36.79. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 16.89 and a beta of 1.15. The firm’s 50 day moving average is $30.59 and its 200 day moving average is $31.78.
Trustmark Corporation (NASDAQ:TRMK) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $157.10 million for the quarter, compared to analyst estimates of $152.57 million. Trustmark Corporation had a return on equity of 8.04% and a net margin of 18.35%. During the same period last year, the company earned $0.40 earnings per share. On average, equities analysts predict that Trustmark Corporation will post $1.75 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Wednesday, August 30th. Trustmark Corporation’s payout ratio is currently 54.12%.
In related news, insider Charles Scott Woods sold 1,000 shares of Trustmark Corporation 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 of the company’s stock, valued at $427,008. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.37% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in TRMK. Teachers Advisors LLC grew its holdings in Trustmark Corporation by 4.6% during the fourth quarter. Teachers Advisors LLC now owns 116,728 shares of the financial services provider’s stock worth $4,161,000 after acquiring an additional 5,087 shares during the period. Creative Planning grew its holdings in Trustmark Corporation by 1.7% during the first quarter. Creative Planning now owns 3,464 shares of the financial services provider’s stock worth $110,000 after acquiring an additional 59 shares during the period. Bank of Montreal Can grew its holdings in Trustmark Corporation by 0.3% during the first quarter. Bank of Montreal Can now owns 5,759 shares of the financial services provider’s stock worth $182,000 after acquiring an additional 20 shares during the period. Louisiana State Employees Retirement System grew its holdings in Trustmark Corporation by 2.4% during the first quarter. Louisiana State Employees Retirement System now owns 17,100 shares of the financial services provider’s stock worth $544,000 after acquiring an additional 400 shares during the period. Finally, Glen Harbor Capital Management LLC grew its holdings in Trustmark Corporation by 14.1% during the first quarter. Glen Harbor Capital Management LLC now owns 5,656 shares of the financial services provider’s stock worth $180,000 after acquiring an additional 700 shares during the period. 62.36% of the stock is currently owned by hedge funds and other institutional investors.
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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