Truist Financial Increases Trustmark (NASDAQ:TRMK) Price Target to $37.00

Trustmark (NASDAQ:TRMK) had its price target raised by equities researchers at Truist Financial from $31.00 to $37.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 6.54% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of Trustmark from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $30.00 to $36.00 in a research note on Thursday, April 25th. DA Davidson raised their price objective on Trustmark from $30.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Finally, StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Trustmark has a consensus rating of “Hold” and a consensus price target of $34.00.

Trustmark Stock Performance

NASDAQ:TRMK traded up $1.13 during midday trading on Thursday, hitting $34.73. The company’s stock had a trading volume of 33,073 shares, compared to its average volume of 275,177. Trustmark has a fifty-two week low of $18.96 and a fifty-two week high of $34.97. The firm’s 50 day moving average is $29.98 and its 200-day moving average is $28.35. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market cap of $2.13 billion, a P/E ratio of 13.46 and a beta of 0.75.

Trustmark (NASDAQ:TRMK) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.03. The company had revenue of $283.96 million for the quarter, compared to the consensus estimate of $229.83 million. Trustmark had a net margin of 16.24% and a return on equity of 9.66%. During the same quarter in the prior year, the company earned $0.74 EPS. Equities analysts anticipate that Trustmark will post 2.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Trustmark

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new position in shares of Trustmark during the fourth quarter worth about $12,572,000. Norges Bank acquired a new position in Trustmark during the fourth quarter worth $10,992,000. Federated Hermes Inc. grew its holdings in Trustmark by 2,226.6% during the fourth quarter. Federated Hermes Inc. now owns 329,081 shares of the financial services provider’s stock worth $9,175,000 after acquiring an additional 314,937 shares during the period. Hsbc Holdings PLC acquired a new position in Trustmark during the fourth quarter worth $8,215,000. Finally, Verition Fund Management LLC acquired a new position in Trustmark during the fourth quarter worth $5,611,000. 67.64% of the stock is 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.