Trustmark (NASDAQ:TRMK) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Trustmark (NASDAQ:TRMK) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also commented on TRMK. Wall Street Zen lowered shares of Trustmark from a “buy” rating to a “hold” rating in a research report on Saturday, June 7th. DA Davidson boosted their price objective on shares of Trustmark from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Finally, Hovde Group boosted their price objective on shares of Trustmark from $37.00 to $41.00 and gave the stock a “market perform” rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Trustmark currently has an average rating of “Hold” and a consensus target price of $41.00.

Trustmark Price Performance

Trustmark stock opened at $40.16 on Tuesday. Trustmark has a 52 week low of $29.77 and a 52 week high of $41.33. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The firm’s 50-day simple moving average is $39.13 and its 200 day simple moving average is $36.24. The firm has a market capitalization of $2.42 billion, a PE ratio of 11.28 and a beta of 0.71.

Trustmark (NASDAQ:TRMK) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. Trustmark had a net margin of 19.21% and a return on equity of 10.81%. The business had revenue of $203.44 million for the quarter, compared to analyst estimates of $200.35 million. During the same period in the previous year, the firm earned $0.66 EPS. On average, equities research analysts predict that Trustmark will post 3.42 EPS for the current fiscal year.

Trustmark Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.96 annualized dividend and a yield of 2.4%. Trustmark’s payout ratio is presently 26.97%.

Insider Activity

In related news, Director Gerard R. Host sold 20,970 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $38.49, for a total value of $807,135.30. Following the completion of the transaction, the director owned 158,360 shares of the company’s stock, valued at approximately $6,095,276.40. The trade was a 11.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Marcelo L. Eduardo sold 700 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $38.49, for a total transaction of $26,943.00. Following the completion of the transaction, the director directly owned 8,577 shares of the company’s stock, valued at $330,128.73. The trade was a 7.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,226 shares of company stock valued at $897,299 in the last three months. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. increased its stake in shares of Trustmark by 493.7% during the 2nd quarter. Osaic Holdings Inc. now owns 10,616 shares of the financial services provider’s stock valued at $367,000 after acquiring an additional 8,828 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of Trustmark by 256.9% during the 2nd quarter. Squarepoint Ops LLC now owns 137,792 shares of the financial services provider’s stock valued at $5,024,000 after acquiring an additional 99,189 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Trustmark by 16.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 183,868 shares of the financial services provider’s stock valued at $6,703,000 after acquiring an additional 26,107 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Trustmark by 6.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 206,217 shares of the financial services provider’s stock valued at $7,519,000 after acquiring an additional 12,780 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Trustmark by 234.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,814 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 5,476 shares during the last quarter. 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.