Trustmark (NASDAQ:TRMK) Upgraded at Raymond James

Raymond James upgraded shares of Trustmark (NASDAQ:TRMK) from an underperform rating to a market perform rating in a research report report published on Thursday morning, BenzingaRatingsTable reports.

Several other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods raised Trustmark from an underperform rating to a market perform rating and set a $25.00 price objective on the stock in a research note on Wednesday, April 1st. BidaskClub downgraded Trustmark from a sell rating to a strong sell rating in a research report on Friday, July 10th. Finally, Zacks Investment Research upgraded Trustmark from a sell rating to a hold rating in a report on Saturday, July 4th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock has an average rating of Hold and a consensus price target of $33.00.

NASDAQ TRMK opened at $22.52 on Thursday. The stock has a market cap of $1.43 billion, a PE ratio of 11.09 and a beta of 1.09. Trustmark has a 12 month low of $20.26 and a 12 month high of $36.04. The company’s 50-day moving average price is $23.32 and its 200-day moving average price is $26.13. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.04.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.26. The company had revenue of $177.52 million during the quarter, compared to analysts’ expectations of $160.25 million. Trustmark had a net margin of 17.64% and a return on equity of 8.13%. During the same period in the previous year, the company earned $0.65 EPS. As a group, sell-side analysts forecast that Trustmark will post 1.39 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.23 per share. The ex-dividend date is Monday, August 31st. This represents a $0.92 dividend on an annualized basis and a yield of 4.09%. Trustmark’s dividend payout ratio is currently 37.55%.

In related news, Director Richard H. Puckett purchased 5,000 shares of Trustmark stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $22.98 per share, with a total value of $114,900.00. Following the transaction, the director now owns 30,302 shares in the company, valued at approximately $696,339.96. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. Advisor Group Inc. grew its position in shares of Trustmark by 17.6% in the 4th quarter. Advisor Group Inc. now owns 3,212 shares of the financial services provider’s stock worth $111,000 after buying an additional 480 shares during the last quarter. UBS Group AG increased its holdings in shares of Trustmark by 56.1% during the fourth quarter. UBS Group AG now owns 139,607 shares of the financial services provider’s stock valued at $4,818,000 after acquiring an additional 50,181 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Trustmark by 12.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 358,425 shares of the financial services provider’s stock valued at $12,370,000 after purchasing an additional 41,061 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Trustmark by 5.7% in the 4th quarter. Bank of New York Mellon Corp now owns 996,514 shares of the financial services provider’s stock worth $34,390,000 after purchasing an additional 54,005 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Trustmark by 5.2% during the fourth quarter. AQR Capital Management LLC now owns 30,206 shares of the financial services provider’s stock valued at $1,042,000 after buying an additional 1,487 shares during the last quarter. 63.37% of the stock is owned by institutional investors and hedge funds.

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 offers checking, savings, and money market accounts; individual retirement accounts; certificates of deposits; 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.

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