Truist Financial Lowers Trustmark (NASDAQ:TRMK) Price Target to $35.00

Trustmark (NASDAQ:TRMK) had its target price lowered by Truist Financial from $37.00 to $35.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

Separately, DA Davidson raised their price target on Trustmark from $34.00 to $38.00 and gave the company a neutral rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $34.50.

Trustmark Stock Down 0.7 %

TRMK opened at $32.48 on Friday. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 12.64 and a beta of 0.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.86 and a current ratio of 0.87. The firm’s fifty day moving average is $32.63 and its 200 day moving average is $29.99. Trustmark has a fifty-two week low of $18.96 and a fifty-two week high of $35.72.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. The firm had revenue of $283.96 million during the quarter, compared to analyst estimates of $229.83 million. Trustmark had a return on equity of 9.32% and a net margin of 16.24%. During the same quarter in the prior year, the company posted $0.74 earnings per share. On average, sell-side analysts forecast that Trustmark will post 2.93 earnings per share for the current fiscal year.

Trustmark Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st were issued a $0.23 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.92 annualized dividend and a dividend yield of 2.83%. Trustmark’s payout ratio is 35.80%.

Hedge Funds Weigh In On Trustmark

Several hedge funds have recently bought and sold shares of TRMK. Charles Schwab Investment Management Inc. lifted its position in shares of Trustmark by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 883,423 shares of the financial services provider’s stock worth $24,630,000 after purchasing an additional 52,320 shares during the last quarter. Norges Bank purchased a new position in Trustmark in the 4th quarter worth about $10,992,000. Hsbc Holdings PLC bought a new stake in Trustmark during the 4th quarter valued at about $8,215,000. Connable Office Inc. purchased a new stake in Trustmark in the 4th quarter valued at about $446,000. Finally, Elizabeth Park Capital Advisors Ltd. purchased a new stake in Trustmark in the 4th quarter valued at about $1,592,000. Institutional investors 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.