Q1 2024 EPS Estimates for Trustmark Co. Raised by DA Davidson (NASDAQ:TRMK)

Trustmark Co. (NASDAQ:TRMK) – Equities researchers at DA Davidson boosted their Q1 2024 earnings per share estimates for Trustmark in a research report issued to clients and investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the financial services provider will earn $0.64 per share for the quarter, up from their prior estimate 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 announced its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $187.63 million. During the same period in the prior year, the company earned $0.68 earnings per share. The firm’s revenue was down 2.7% on a year-over-year basis.

A number of other brokerages have also commented on TRMK. Keefe, Bruyette & Woods increased their price target on Trustmark from $27.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. StockNews.com lowered Trustmark from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. Truist Financial upped their price objective on Trustmark from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, April 1st. Piper Sandler restated a “neutral” rating and set a $29.00 price objective on shares of Trustmark in a research report on Tuesday, March 26th. Finally, TheStreet upgraded Trustmark from a “c+” rating to a “b” rating in a research report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, Trustmark has a consensus rating of “Hold” and an average price target of $29.67.

Trustmark Price Performance

Shares of Trustmark stock opened at $25.73 on Thursday. The stock has a 50 day moving average of $26.74 and a 200 day moving average of $25.27. Trustmark has a 12 month low of $18.96 and a 12 month high of $28.65. The firm has a market cap of $1.57 billion, a PE ratio of 9.49 and a beta of 0.82. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Trustmark

A number of institutional investors and hedge funds have recently modified their holdings of TRMK. Vanguard Group Inc. raised its position in Trustmark by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 6,712,905 shares of the financial services provider’s stock valued at $187,156,000 after purchasing an additional 50,795 shares in the last quarter. Wellington Management Group LLP bought a new stake in Trustmark during the 4th quarter valued at $12,572,000. Price T Rowe Associates Inc. MD raised its position in Trustmark by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 43,961 shares of the financial services provider’s stock valued at $1,226,000 after purchasing an additional 1,621 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Trustmark during the 4th quarter valued at $203,000. Finally, Legal & General Group Plc raised its position in Trustmark by 0.3% during the 4th quarter. Legal & General Group Plc now owns 167,034 shares of the financial services provider’s stock valued at $4,657,000 after purchasing an additional 546 shares in the last quarter. 67.64% of the stock is owned by institutional investors.

Trustmark Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Thursday, February 29th. Trustmark’s dividend payout ratio is currently 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.