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

Trustmark (NASDAQ:TRMK) had its price objective reduced by Truist Financial from $37.00 to $35.00 in a report issued on Friday, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Separately, DA Davidson boosted their price objective on Trustmark from $34.00 to $38.00 and gave the stock a neutral rating in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $34.50.

Trustmark Trading Down 2.6 %

Trustmark stock opened at $32.72 on Friday. Trustmark has a 52 week low of $18.96 and a 52 week high of $35.72. 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 stock has a market capitalization of $2.00 billion, a P/E ratio of 12.73 and a beta of 0.74. The stock has a 50-day simple moving average of $32.63 and a 200 day simple moving average of $29.95.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. Trustmark had a return on equity of 9.32% and a net margin of 16.24%. The business had revenue of $283.96 million during the quarter, compared to analysts’ expectations of $229.83 million. During the same quarter last year, the company posted $0.74 earnings per share. Analysts expect that Trustmark will post 2.93 earnings per share for the current year.

Trustmark Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Investors of record on Sunday, September 1st were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.81%. The ex-dividend date was Friday, August 30th. Trustmark’s dividend payout ratio (DPR) is currently 35.80%.

Institutional Investors Weigh In On Trustmark

Institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System boosted its stake in shares of Trustmark by 101.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 35,048 shares of the financial services provider’s stock valued at $985,000 after buying an additional 17,670 shares during the period. Rafferty Asset Management LLC boosted its stake in shares of Trustmark by 79.2% in the fourth quarter. Rafferty Asset Management LLC now owns 68,202 shares of the financial services provider’s stock valued at $1,901,000 after buying an additional 30,134 shares during the period. Wakefield Asset Management LLLP bought a new stake in shares of Trustmark in the first quarter valued at approximately $949,000. Kennedy Capital Management LLC bought a new stake in shares of Trustmark in the first quarter valued at approximately $2,604,000. Finally, Wellington Management Group LLP bought a new stake in shares of Trustmark in the fourth quarter valued at approximately $12,572,000. 67.64% of the stock is currently owned by institutional investors.

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.