Trustmark (NASDAQ:TRMK) Lowered to “Sell” at BidaskClub

BidaskClub cut shares of Trustmark (NASDAQ:TRMK) from a hold rating to a sell rating in a report released on Friday morning, BidAskClub reports.

Several other research firms have also commented on TRMK. ValuEngine upgraded Trustmark from a sell rating to a hold rating in a research report on Wednesday, October 9th. Zacks Investment Research upgraded Trustmark from a sell rating to a hold rating in a research report on Friday, October 11th. Four equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Trustmark currently has an average rating of Sell and an average price target of $34.00.

Trustmark stock opened at $34.99 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.82 and a debt-to-equity ratio of 0.04. Trustmark has a 12 month low of $26.84 and a 12 month high of $36.63. The stock’s 50 day simple moving average is $33.85 and its two-hundred day simple moving average is $33.75. The firm has a market cap of $2.21 billion, a PE ratio of 15.83 and a beta of 1.10.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.08. Trustmark had a return on equity of 9.28% and a net margin of 21.20%. The business had revenue of $157.40 million for the quarter, compared to analyst estimates of $156.35 million. During the same quarter in the prior year, the firm posted $0.59 EPS. On average, equities research analysts forecast that Trustmark will post 2.34 EPS for the current year.

In other news, insider Breck W. Tyler sold 19,398 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $33.70, for a total transaction of $653,712.60. Following the completion of the transaction, the insider now directly owns 23,656 shares of the company’s stock, valued at approximately $797,207.20. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Strs Ohio raised its stake in shares of Trustmark by 45.5% during the 3rd quarter. Strs Ohio now owns 1,600 shares of the financial services provider’s stock worth $54,000 after buying an additional 500 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Trustmark by 6.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 25,340 shares of the financial services provider’s stock worth $864,000 after buying an additional 1,576 shares during the period. Gofen & Glossberg LLC IL acquired a new position in shares of Trustmark during the 3rd quarter worth approximately $205,000. State of Alaska Department of Revenue acquired a new position in shares of Trustmark during the 3rd quarter worth approximately $390,000. Finally, Nomura Holdings Inc. acquired a new position in shares of Trustmark during the 2nd quarter worth approximately $663,000. 66.71% of the stock is owned by institutional investors and hedge funds.

About Trustmark

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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