Trustmark (NASDAQ:TRMK) Upgraded by Keefe, Bruyette & Woods to Outperform

Keefe, Bruyette & Woods upgraded shares of Trustmark (NASDAQ:TRMK) from a market perform rating to an outperform rating in a research note released on Thursday, MarketBeat.com reports. The brokerage currently has $36.00 target price on the financial services provider’s stock, up from their prior target price of $30.00.

TRMK has been the subject of a number of other research reports. Truist Financial increased their price target on shares of Trustmark from $29.00 to $30.00 and gave the company a hold rating in a report on Monday, April 1st. StockNews.com raised Trustmark from a sell rating to a hold rating in a research note on Friday, April 19th. Piper Sandler restated a neutral rating and issued a $29.00 price target on shares of Trustmark in a report on Tuesday, March 26th. DA Davidson reaffirmed a neutral rating on shares of Trustmark in a report on Monday, January 15th. Finally, TheStreet upgraded Trustmark from a c+ rating to a b rating in a research report on Tuesday, January 23rd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $32.25.

Trustmark Stock Performance

NASDAQ TRMK opened at $29.82 on Thursday. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.60 and a beta of 0.82. The business’s 50 day moving average is $26.79 and its two-hundred day moving average is $25.46. Trustmark has a 12-month low of $18.96 and a 12-month high of $30.09. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. The firm had revenue of $288.55 million for the quarter, compared to the consensus estimate of $187.03 million. Trustmark had a return on equity of 10.04% and a net margin of 13.82%. During the same period in the previous year, the business earned $0.82 earnings per share. Research analysts expect that Trustmark will post 2.44 EPS for the current year.

Trustmark Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be given a dividend of $0.23 per share. The ex-dividend date is Friday, May 31st. This represents a $0.92 annualized dividend and a dividend yield of 3.09%. Trustmark’s dividend payout ratio is currently 35.80%.

Institutional Investors Weigh In On Trustmark

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Trustmark by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 6,712,905 shares of the financial services provider’s stock valued at $187,156,000 after acquiring an additional 50,795 shares in the last quarter. Wellington Management Group LLP acquired a new position in Trustmark in the 4th quarter valued at about $12,572,000. Verition Fund Management LLC purchased a new position in Trustmark in the 4th quarter valued at about $5,611,000. Rafferty Asset Management LLC boosted its stake in shares of Trustmark by 79.2% during the 4th quarter. Rafferty Asset Management LLC now owns 68,202 shares of the financial services provider’s stock worth $1,901,000 after purchasing an additional 30,134 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC grew its holdings in shares of Trustmark by 14.9% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 13,989 shares of the financial services provider’s stock worth $390,000 after buying an additional 1,812 shares in the last quarter. Institutional investors and hedge funds own 67.64% of the company’s stock.

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 operates through three segments: General Banking, Wealth Management, and Insurance. It offers checking, savings, and money market accounts; certificates of deposits and individual retirement accounts; 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, as well as treasury management services.