Trustmark (NASDAQ:TRMK) Stock Rating Cut to Hold at Brean Capital

Brean Capital downgraded shares of Trustmark (NASDAQ:TRMK) from a strong-buy rating to a hold rating in a research note released on Friday morning,Zacks reports.

Several other research firms have also commented on TRMK. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Trustmark in a report on Thursday. Piper Sandler boosted their price objective on shares of Trustmark from $45.50 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. DA Davidson increased their price objective on shares of Trustmark from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Wall Street Zen raised shares of Trustmark from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Trustmark from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.38.

Trustmark Stock Performance

TRMK traded up $0.04 during trading hours on Friday, hitting $47.88. 2,930,839 shares of the stock were exchanged, compared to its average volume of 606,592. The stock has a 50-day simple moving average of $45.66 and a 200-day simple moving average of $44.97. Trustmark has a 12 month low of $36.41 and a 12 month high of $49.04. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 11.97 and a beta of 0.69. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.88.

Trustmark (NASDAQ:TRMK) last released its earnings results on Tuesday, October 27th. The financial services provider reported $1.00 earnings per share for the quarter, meeting the consensus estimate of $1.00. Trustmark had a net margin of 20.90% and a return on equity of 10.78%. The firm had revenue of $212.26 million during the quarter, compared to analyst estimates of $215.04 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Analysts anticipate that Trustmark will post 3.93 earnings per share for the current year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a $0.25 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 annualized dividend and a yield of 2.1%. Trustmark’s dividend payout ratio (DPR) is currently 25.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Trustmark in the second quarter valued at approximately $395,920,000. Dimensional Fund Advisors LP boosted its position in shares of Trustmark by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,897,556 shares of the financial services provider’s stock worth $164,244,000 after buying an additional 20,628 shares during the period. North Reef Capital Management LP acquired a new position in shares of Trustmark during the first quarter worth approximately $82,296,000. Bank of New York Mellon Corp acquired a new position in shares of Trustmark during the second quarter worth approximately $22,676,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Trustmark by 8.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 379,965 shares of the financial services provider’s stock worth $16,012,000 after buying an additional 29,092 shares in the last quarter. 67.64% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Trustmark

Investors following TRMK have been watching these headlines:

• Positive Sentiment: The proposed acquisition gives Trustmark shareholders a defined path to a sale, while analysts point to potential operational synergies from combining the two regional banks. Hancock Whitney to Acquire Trustmark in $3.2 Billion Deal Hancock Whitney and Trustmark: Significant Operational Synergies
• Neutral Sentiment: Two law firms said they are investigating whether Trustmark’s board secured the best value and whether shareholders may have claims. These announcements could add uncertainty, but do not establish wrongdoing or indicate that the deal will change. Amparo Law Firm Investigation
• Negative Sentiment: Hancock Whitney shares fell 10.2% after the announcement. Because the transaction is all-stock, weakness in the acquirer’s shares may concern TRMK investors about the value of the consideration, depending on the deal’s exchange terms. Hancock Whitney Shares Decline After Deal Announcement

About Trustmark

Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiary, Trustmark National Bank, the company provides commercial and consumer banking services, including deposit accounts, lending, cash management and digital banking. Trustmark also offers wealth management and insurance services to individuals and businesses. Its insurance operations provide services such as employee benefits and risk management. Founded in 1889, Trustmark serves customers across the southeastern United States, with a presence in Mississippi, Alabama, Florida, Tennessee and Texas.