Truist Financial Cuts Trustmark (NASDAQ:TRMK) Price Target to $31.00

Trustmark (NASDAQ:TRMK) had its price objective reduced by Truist Financial from $32.00 to $31.00 in a research note published on Monday morning, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on TRMK. DA Davidson boosted their price objective on Trustmark from $30.00 to $34.00 and gave the company a neutral rating in a research note on Thursday, April 25th. StockNews.com upgraded Trustmark from a sell rating to a hold rating in a research note on Saturday, April 27th. Piper Sandler reissued a neutral rating and issued a $29.00 target price on shares of Trustmark in a report on Tuesday, March 26th. Finally, Keefe, Bruyette & Woods raised Trustmark from a market perform rating to an outperform rating and boosted their target price for the company from $30.00 to $36.00 in a report on Thursday, April 25th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Trustmark has a consensus rating of Hold and a consensus price target of $32.50.

Trustmark Price Performance

TRMK stock opened at $31.37 on Monday. The business has a 50 day moving average price of $29.46 and a 200 day moving average price of $27.99. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 12.21 and a beta of 0.75. Trustmark has a fifty-two week low of $18.96 and a fifty-two week high of $31.50. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.11.

Trustmark (NASDAQ:TRMK) last posted its earnings results on Tuesday, April 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.08. Trustmark had a return on equity of 10.04% and a net margin of 13.82%. The firm had revenue of $288.55 million during the quarter, compared to analysts’ expectations of $187.03 million. During the same quarter in the previous year, the business earned $0.82 earnings per share. Equities research analysts anticipate that Trustmark will post 2.77 earnings per share for the current fiscal year.

Trustmark Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 15th. Investors of record on Saturday, June 1st were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Friday, May 31st. Trustmark’s dividend payout ratio is presently 35.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TRMK. GAMMA Investing LLC grew its holdings in Trustmark by 62.1% during the second quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 351 shares during the period. EntryPoint Capital LLC purchased a new stake in Trustmark during the first quarter worth $52,000. Arlington Trust Co LLC purchased a new stake in Trustmark during the fourth quarter worth $84,000. CWM LLC boosted its position in Trustmark by 14.6% during the second quarter. CWM LLC now owns 4,783 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 611 shares in the last quarter. Finally, Advisor Resource Council purchased a new stake in Trustmark during the fourth quarter worth $230,000. Institutional investors and hedge funds 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.