Trustmark (NASDAQ:TRMK) Price Target Raised to $50.00

Trustmark (NASDAQ:TRMK) had its target price lifted by equities researchers at Keefe, Bruyette & Woods from $48.00 to $50.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 5.16% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. DA Davidson raised their target price on shares of Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Wall Street Zen raised Trustmark from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Piper Sandler upped their target price on shares of Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings raised Trustmark from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $47.38.

Trustmark Stock Performance

Shares of TRMK traded up $0.03 during trading hours on Wednesday, hitting $47.55. The stock had a trading volume of 189,551 shares, compared to its average volume of 392,588. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.87. Trustmark has a 12 month low of $36.33 and a 12 month high of $49.00. The stock has a fifty day moving average price of $46.84 and a 200 day moving average price of $44.98. The firm has a market capitalization of $2.76 billion, a PE ratio of 12.06 and a beta of 0.64.

Trustmark (NASDAQ:TRMK) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $213.38 million for the quarter, compared to the consensus estimate of $210.30 million. Trustmark had a return on equity of 10.69% and a net margin of 20.75%.The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 EPS. Analysts anticipate that Trustmark will post 3.96 EPS for the current year.

Institutional Investors Weigh In On Trustmark

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Trustmark during the second quarter worth about $395,920,000. North Reef Capital Management LP bought a new stake in shares of Trustmark during the 1st quarter valued at about $82,296,000. Bank of New York Mellon Corp bought a new stake in Trustmark in the second quarter worth approximately $22,676,000. Empowered Funds LLC bought a new position in shares of Trustmark during the 2nd quarter worth approximately $12,209,000. Finally, Bridgeway Capital Management LLC boosted its stake in Trustmark by 156.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 389,333 shares of the financial services provider’s stock worth $15,165,000 after acquiring an additional 237,266 shares in the last quarter. 67.64% of the stock is owned by institutional investors.

About Trustmark

Trustmark Corporation is a financial services company headquartered in Jackson, Mississippi. Through its principal subsidiary, Trustmark National Bank, the company provides banking, wealth management and insurance services to individuals, businesses and institutions.

Its banking offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury management, payment services and online and mobile banking. Trustmark’s wealth management business provides investment management, trust administration, financial planning and retirement services, while its insurance operations offer personal and commercial coverage through affiliated agencies.

Trustmark traces its history to 1889 and serves customers primarily across the southeastern United States, including Mississippi, Alabama, Florida, Tennessee and Texas.