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

Trustmark (NASDAQ:TRMK) had its price objective boosted by Hovde Group from $34.00 to $37.00 in a research note issued to investors on Tuesday morning, Marketbeat reports. Hovde Group currently has a market perform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on TRMK. Truist Financial increased their target price on shares of Trustmark from $35.00 to $36.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of Trustmark from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, DA Davidson increased their price target on Trustmark from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.20.

Trustmark Stock Performance

Shares of TRMK stock opened at $34.72 on Tuesday. Trustmark has a one year low of $19.68 and a one year high of $36.14. The company has a 50 day moving average price of $32.85 and a 200 day moving average price of $31.16. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 10.49 and a beta of 0.73. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.86 and a current ratio of 0.87.

Trustmark (NASDAQ:TRMK) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. The firm had revenue of $192.30 million for the quarter, compared to analysts’ expectations of $192.77 million. Trustmark had a return on equity of 9.80% and a net margin of 17.62%. During the same quarter last year, the firm earned $0.64 earnings per share. Sell-side analysts anticipate that Trustmark will post 2.92 EPS for the current year.

Trustmark Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be issued a $0.23 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.92 dividend on an annualized basis and a yield of 2.65%. Trustmark’s dividend payout ratio is currently 27.79%.

Insider Buying and Selling

In other news, Director Marcelo L. Eduardo sold 790 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $35.89, for a total transaction of $28,353.10. Following the completion of the sale, the director now owns 7,334 shares of the company’s stock, valued at approximately $263,217.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Trustmark

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in Trustmark by 62.1% during 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 in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Trustmark during the 1st quarter valued at approximately $52,000. Innealta Capital LLC acquired a new stake in shares of Trustmark during the 2nd quarter valued at approximately $61,000. nVerses Capital LLC bought a new position in Trustmark during the third quarter worth $67,000. Finally, CWM LLC boosted its holdings in Trustmark by 14.6% in 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 during the period. 67.64% of the stock is currently owned by institutional investors and hedge funds.

Trustmark Company Profile

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.