Zacks Investment Research upgraded shares of Trustmark (NASDAQ:TRMK) from a sell rating to a hold rating in a report issued 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. “
Other equities analysts have also recently issued reports about the stock. Stephens set a $35.00 price objective on shares of Trustmark and gave the stock a hold rating in a research report on Wednesday, October 24th. BidaskClub upgraded shares of Trustmark from a sell rating to a hold rating in a report on Saturday, October 6th. ValuEngine upgraded shares of Trustmark from a sell rating to a hold rating in a report on Tuesday, October 30th. SunTrust Banks lowered their price target on shares of Trustmark from $36.00 to $31.00 and set a hold rating on the stock in a report on Monday, October 29th. Finally, Raymond James cut shares of Trustmark from a market perform rating to an underperform rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. The company has a consensus rating of Hold and an average price target of $34.50.
Trustmark (NASDAQ:TRMK) last announced its earnings results on Tuesday, October 23rd. The financial services provider reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.03). The firm had revenue of $157.23 million for the quarter, compared to the consensus estimate of $155.38 million. Trustmark had a return on equity of 9.21% and a net margin of 18.99%. Trustmark’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 EPS. As a group, analysts forecast that Trustmark will post 2.21 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, December 15th. Investors of record on Saturday, December 1st were paid a $0.23 dividend. The ex-dividend date of this dividend was Thursday, November 29th. This represents a $0.92 dividend on an annualized basis and a yield of 3.14%. Trustmark’s payout ratio is currently 47.92%.
In related news, Director Leroy G. Walker, Jr. sold 1,789 shares of the stock in a transaction that occurred on Monday, December 10th. The shares were sold at an average price of $30.35, for a total value of $54,296.15. Following the transaction, the director now directly owns 13,159 shares in the company, valued at $399,375.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charles Scott Woods sold 1,500 shares of the stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $31.65, for a total transaction of $47,475.00. Following the completion of the transaction, the insider now owns 12,398 shares in the company, valued at $392,396.70. The disclosure for this sale can be found here. In the last three months, insiders sold 5,289 shares of company stock worth $163,671. 1.50% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its position in Trustmark by 83.8% in the third quarter. Advisors Asset Management Inc. now owns 3,822 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 1,743 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Trustmark by 729.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,524 shares of the financial services provider’s stock worth $186,000 after buying an additional 4,858 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Trustmark during the 3rd quarter worth about $204,000. OppenheimerFunds Inc. acquired a new stake in Trustmark in the 2nd quarter worth about $208,000. Finally, Citadel Advisors LLC acquired a new stake in Trustmark in the 2nd quarter worth about $299,000. Institutional investors and hedge funds own 71.36% of the company’s stock.
Trustmark Company Profile
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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