Hovde Group Increases Trustmark (NASDAQ:TRMK) Price Target to $37.00

Trustmark (NASDAQ:TRMK - Free Report) had its price target raised by Hovde Group from $34.00 to $37.00 in a research note published on Tuesday, MarketBeat reports. Hovde Group currently has a market perform rating on the financial services provider's stock.

Several other analysts have also commented on TRMK. DA Davidson lifted their price target on shares of Trustmark from $35.00 to $38.00 and gave the company a "neutral" rating in a research report on Thursday, October 24th. StockNews.com upgraded Trustmark from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Finally, Truist Financial increased their price target on Trustmark from $35.00 to $36.00 and gave the stock a "hold" rating in a report on Friday. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $35.20.

Trustmark Price Performance

TRMK stock traded up $0.15 during mid-day trading on Tuesday, reaching $35.08. The company's stock had a trading volume of 209,957 shares, compared to its average volume of 273,241. Trustmark has a fifty-two week low of $19.48 and a fifty-two week high of $35.75. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.10. The stock has a market cap of $2.15 billion, a PE ratio of 13.63 and a beta of 0.73. The company's 50 day moving average is $32.70 and its two-hundred day moving average is $31.07.

Trustmark (NASDAQ:TRMK - Get Free Report) last issued its 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. Trustmark had a return on equity of 9.80% and a net margin of 17.62%. The business had revenue of $192.30 million during the quarter, compared to the consensus estimate of $192.77 million. During the same period last year, the company earned $0.64 EPS. Equities research analysts expect that Trustmark will post 2.92 EPS for the current year.

Trustmark Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be issued a $0.23 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.92 annualized dividend and a dividend yield of 2.62%. Trustmark's dividend payout ratio is presently 35.80%.

Hedge Funds Weigh In On Trustmark

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Trustmark by 0.8% in 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 buying an additional 50,795 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Trustmark by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,050,787 shares of the financial services provider's stock valued at $121,683,000 after purchasing an additional 64,334 shares during the period. Earnest Partners LLC boosted its holdings in Trustmark by 3.1% in the second quarter. Earnest Partners LLC now owns 3,442,019 shares of the financial services provider's stock valued at $103,398,000 after purchasing an additional 102,268 shares during the period. American Century Companies Inc. grew its stake in Trustmark by 25.3% during the 2nd quarter. American Century Companies Inc. now owns 986,322 shares of the financial services provider's stock worth $29,629,000 after purchasing an additional 199,245 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Trustmark by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 685,875 shares of the financial services provider's stock worth $20,604,000 after purchasing an additional 2,714 shares during the period. 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.