DA Davidson Increases Trustmark (NASDAQ:TRMK) Price Target to $38.00

Trustmark (NASDAQ:TRMK - Free Report) had its target price hoisted by DA Davidson from $35.00 to $38.00 in a research note issued to investors on Thursday, Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider's stock.

TRMK has been the topic of a number of other research reports. Truist Financial lowered their price target on Trustmark from $37.00 to $35.00 and set a "hold" rating on the stock in a research report on Friday, September 20th. StockNews.com cut shares of Trustmark from a "hold" rating to a "sell" rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $34.50.

Trustmark Stock Performance

Trustmark stock traded up $0.02 during mid-day trading on Thursday, hitting $34.46. The company had a trading volume of 257,169 shares, compared to its average volume of 273,898. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 13.34 and a beta of 0.73. Trustmark has a 12-month low of $18.96 and a 12-month high of $35.75. The company's fifty day moving average is $32.55 and its 200-day moving average is $30.88. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.10.

Trustmark (NASDAQ:TRMK - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. The firm had revenue of $192.30 million for the quarter, compared to the consensus estimate of $192.77 million. Trustmark had a net margin of 16.24% and a return on equity of 9.32%. During the same period in the prior year, the firm posted $0.64 earnings per share. Equities research analysts predict that Trustmark will post 2.92 EPS for the current year.

Trustmark Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, November 29th. Trustmark's payout ratio is 35.80%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of Trustmark by 62.1% in the second quarter. GAMMA Investing LLC now owns 916 shares of the financial services provider's stock valued at $28,000 after buying an additional 351 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Trustmark in the 1st quarter worth approximately $52,000. Innealta Capital LLC purchased a new position in Trustmark in the 2nd quarter worth approximately $61,000. nVerses Capital LLC purchased a new stake in shares of Trustmark in the third quarter valued at approximately $67,000. Finally, CWM LLC increased its holdings in shares of Trustmark by 14.6% in the second quarter. CWM LLC now owns 4,783 shares of the financial services provider's stock valued at $144,000 after purchasing an additional 611 shares during the last quarter. Hedge funds and other 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.