Zacks Investment Research upgraded shares of Trustmark (NASDAQ:TRMK) from a sell rating to a hold rating in a research report sent to investors on Wednesday 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 research analysts have also issued reports on TRMK. BidaskClub upgraded Trustmark from a hold rating to a buy rating in a research report on Tuesday, July 24th. Hovde Group set a $35.00 target price on Trustmark and gave the company a hold rating in a research report on Saturday, July 28th. Sandler O’Neill reiterated a hold rating and set a $35.00 target price on shares of Trustmark in a research report on Thursday, July 26th. SunTrust Banks decreased their target price on Trustmark from $36.00 to $31.00 and set a hold rating on the stock in a research report on Monday, October 29th. Finally, ValuEngine upgraded Trustmark from a sell rating to a hold rating in a research report on Tuesday, October 30th. Eight equities research analysts have rated the stock with a hold rating, Trustmark currently has an average rating of Hold and a consensus price target of $34.50.
Trustmark (NASDAQ:TRMK) last announced its earnings results on Tuesday, October 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.03). Trustmark had a net margin of 18.99% and a return on equity of 9.21%. The business had revenue of $157.23 million for the quarter, compared to analysts’ expectations of $155.38 million. During the same quarter last year, the business earned $0.51 EPS. The company’s quarterly revenue was up 2.5% on a year-over-year basis. Sell-side analysts expect that Trustmark will post 2.2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, December 15th. Stockholders of record on Saturday, December 1st will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Thursday, November 29th. Trustmark’s payout ratio is currently 47.92%.
Several large investors have recently added to or reduced their stakes in TRMK. BlackRock Inc. increased its holdings in shares of Trustmark by 5.7% in the second quarter. BlackRock Inc. now owns 9,279,855 shares of the financial services provider’s stock valued at $302,802,000 after purchasing an additional 502,534 shares during the period. FMR LLC acquired a new position in shares of Trustmark in the third quarter valued at approximately $15,382,000. Millennium Management LLC increased its holdings in shares of Trustmark by 891.5% in the second quarter. Millennium Management LLC now owns 502,650 shares of the financial services provider’s stock valued at $16,401,000 after purchasing an additional 451,952 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Trustmark by 14.6% in the third quarter. JPMorgan Chase & Co. now owns 877,033 shares of the financial services provider’s stock valued at $29,512,000 after purchasing an additional 111,984 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Trustmark by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 5,412,871 shares of the financial services provider’s stock valued at $176,623,000 after purchasing an additional 107,397 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.
Trustmark Corporation operates as the bank holding company for Trustmark National Bank that provides banking and other financial solutions to individuals and corporate institutions in the United States. The company offers checking, savings, and money market accounts; individual retirement accounts; certificates of deposits; financing for commercial and industrial projects, income producing commercial real estate, owner-occupied real estate, and construction and land development; and installment and real estate loans, and lines of credit.
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