DA Davidson Analysts Raise Earnings Estimates for Trustmark Co. (NASDAQ:TRMK)

Trustmark Co. (NASDAQ:TRMK) – Analysts at DA Davidson lifted their Q1 2024 earnings per share estimates for shares of Trustmark in a research note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $0.64 per share for the quarter, up from their prior estimate of $0.63. DA Davidson currently has a “Neutral” rating on the stock. The consensus estimate for Trustmark’s current full-year earnings is $2.44 per share. DA Davidson also issued estimates for Trustmark’s FY2024 earnings at $2.55 EPS and FY2025 earnings at $2.64 EPS.

Trustmark (NASDAQ:TRMK) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. Trustmark had a return on equity of 10.77% and a net margin of 15.06%. The firm had revenue of $189.85 million during the quarter, compared to analysts’ expectations of $187.63 million. During the same period in the prior year, the business earned $0.68 EPS. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year.

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Trustmark from $27.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Truist Financial increased their target price on Trustmark from $29.00 to $30.00 and gave the company a “hold” rating in a report on Monday, April 1st. TheStreet upgraded Trustmark from a “c+” rating to a “b” rating in a report on Tuesday, January 23rd. StockNews.com cut Trustmark from a “hold” rating to a “sell” rating in a report on Thursday, April 11th. Finally, Piper Sandler restated a “neutral” rating and set a $29.00 target price on shares of Trustmark in a report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $29.67.

Trustmark Price Performance

TRMK opened at $25.46 on Thursday. The stock has a 50-day moving average price of $26.75 and a 200-day moving average price of $25.26. Trustmark has a 12-month low of $18.96 and a 12-month high of $28.65. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.56 billion, a P/E ratio of 9.39 and a beta of 0.82.

Institutional Investors Weigh In On Trustmark

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings 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 worth $187,156,000 after buying an additional 50,795 shares during the period. Wellington Management Group LLP purchased a new stake in Trustmark in the 4th quarter worth approximately $12,572,000. Price T Rowe Associates Inc. MD lifted its holdings in Trustmark by 3.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 43,961 shares of the financial services provider’s stock worth $1,226,000 after buying an additional 1,621 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in Trustmark in the 4th quarter worth approximately $203,000. Finally, Legal & General Group Plc lifted its holdings in Trustmark by 0.3% in the 4th quarter. Legal & General Group Plc now owns 167,034 shares of the financial services provider’s stock worth $4,657,000 after buying an additional 546 shares during the period. Hedge funds and other institutional investors own 67.64% of the company’s stock.

Trustmark Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.61%. The ex-dividend date was Thursday, February 29th. Trustmark’s dividend payout ratio (DPR) is currently 33.95%.

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.