DA Davidson Comments on Trustmark Co.’s Q1 2024 Earnings (NASDAQ:TRMK)

Trustmark Co. (NASDAQ:TRMK) – Equities research analysts at DA Davidson upped their Q1 2024 earnings per share estimates for Trustmark in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $0.64 for the quarter, up from their previous forecast of $0.63. DA Davidson has a “Neutral” rating on the stock. The consensus estimate for Trustmark’s current full-year earnings is $2.44 per share. DA Davidson also issued estimates for Trustmark’s FY2024 earnings at $2.55 EPS and FY2025 earnings at $2.64 EPS.

Trustmark (NASDAQ:TRMK) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. Trustmark had a return on equity of 10.77% and a net margin of 15.06%. The company had revenue of $189.85 million for the quarter, compared to analyst estimates of $187.63 million. During the same period last year, the company earned $0.68 earnings per share. The business’s revenue was down 2.7% compared to the same quarter last year.

TRMK has been the topic of several other reports. StockNews.com raised Trustmark from a “sell” rating to a “hold” rating in a research report on Friday. Piper Sandler reaffirmed a “neutral” rating and issued a $29.00 price target on shares of Trustmark in a research report on Tuesday, March 26th. Truist Financial raised their price target on Trustmark from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, April 1st. Keefe, Bruyette & Woods lifted their target price on Trustmark from $27.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 26th. Finally, TheStreet raised Trustmark from a “c+” rating to a “b” rating in a research report on Tuesday, January 23rd. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $29.67.

Trustmark Price Performance

NASDAQ TRMK opened at $26.73 on Thursday. Trustmark has a fifty-two week low of $18.96 and a fifty-two week high of $28.65. The stock’s 50-day moving average is $26.73 and its two-hundred day moving average is $25.30. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market cap of $1.64 billion, a P/E ratio of 9.86 and a beta of 0.82.

Institutional Investors Weigh In On Trustmark

A number of institutional investors have recently added to or reduced their stakes in the company. Coppell Advisory Solutions Corp. bought a new position in Trustmark during the fourth quarter worth about $43,000. Headlands Technologies LLC bought a new position in Trustmark during the third quarter worth about $28,000. Point72 Middle East FZE bought a new position in shares of Trustmark in the fourth quarter valued at approximately $82,000. Tower Research Capital LLC TRC raised its stake in shares of Trustmark by 208.2% in the first quarter. Tower Research Capital LLC TRC now owns 2,795 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,888 shares during the last quarter. Finally, Arlington Trust Co LLC bought a new position in shares of Trustmark in the fourth quarter valued at approximately $84,000. 67.64% of the stock is owned by institutional investors and hedge funds.

Trustmark Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Thursday, February 29th. Trustmark’s dividend payout ratio (DPR) is presently 33.95%.

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.