Truist Financial Increases Trustmark (NASDAQ:TRMK) Price Target to $37.00

Trustmark (NASDAQ:TRMK) had its price objective upped by Truist Financial from $31.00 to $37.00 in a research report report published on Thursday morning, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

TRMK has been the subject of several other research reports. StockNews.com upgraded shares of Trustmark from a sell rating to a hold rating in a report on Saturday, April 27th. Keefe, Bruyette & Woods upgraded shares of Trustmark from a market perform rating to an outperform rating and lifted their target price for the company from $30.00 to $36.00 in a report on Thursday, April 25th. Finally, DA Davidson lifted their target price on shares of Trustmark from $30.00 to $34.00 and gave the company a neutral rating in a report on Thursday, April 25th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $35.00.

Trustmark Trading Up 3.3 %

TRMK opened at $35.42 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.83. The company’s 50 day simple moving average is $30.14 and its two-hundred day simple moving average is $28.47. Trustmark has a 1-year low of $18.96 and a 1-year high of $35.42. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 13.78 and a beta of 0.75.

Trustmark (NASDAQ:TRMK) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.03. Trustmark had a net margin of 16.24% and a return on equity of 9.32%. The firm had revenue of $283.96 million during the quarter, compared to the consensus estimate of $229.83 million. During the same quarter last year, the firm earned $0.74 EPS. Analysts expect that Trustmark will post 2.29 EPS for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st will be given a $0.23 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.92 annualized dividend and a yield of 2.60%. Trustmark’s dividend payout ratio is presently 35.80%.

Hedge Funds Weigh In On Trustmark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRMK. State Board of Administration of Florida Retirement System lifted its position in shares of Trustmark by 101.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 35,048 shares of the financial services provider’s stock worth $985,000 after purchasing an additional 17,670 shares during the last quarter. Rafferty Asset Management LLC lifted its position 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. Wakefield Asset Management LLLP purchased a new stake in shares of Trustmark during the 1st quarter worth $949,000. Wellington Management Group LLP purchased a new stake in shares of Trustmark during the 4th quarter worth $12,572,000. Finally, Vanguard Group Inc. lifted its position in shares of Trustmark by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 6,712,905 shares of the financial services provider’s stock worth $187,156,000 after purchasing an additional 50,795 shares during the last quarter. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Trustmark Company Profile

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.