Trustmark Corporation (NASDAQ: TRMK) has been downgraded from a “hold” rating to a “sell” rating by Wall Street Zen, as highlighted in a research note released on Saturday. This change reflects a broader reassessment of the stock, with several other brokerages also adjusting their ratings recently.
In a report dated October 8, 2023, Weiss Ratings maintained a “buy (B-)” rating for Trustmark. Meanwhile, Zacks Research lowered its outlook from “strong buy” to “hold” in a report published on September 23, 2023. Currently, three investment analysts rate Trustmark as a buy, while three others have assigned a hold rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.25.
Market Performance and Financial Insights
As of Friday, shares of Trustmark opened at $39.23, reflecting a decrease of 1.2%. The company boasts a market capitalization of $2.35 billion, a price-to-earnings (PE) ratio of 10.72, and a beta of 0.71. Trustmark’s stock has shown variability over the past year, with a low of $29.77 and a high of $41.33.
The company recently reported its earnings on October 28, 2023, revealing earnings per share (EPS) of $0.94, slightly below the consensus estimate of $0.95. Trustmark recorded revenue of $207.53 million for the quarter, surpassing analyst projections of $206.13 million. The firm’s net margin stands at 19.82%, with a return on equity of 10.90%. Year-over-year, revenue increased by 5.3%, compared to $0.84 EPS from the same quarter last year. Analysts predict that Trustmark will achieve an EPS of 3.42 for the current fiscal year.
Institutional Trading Activity
Recent changes in institutional investor positions have also influenced Trustmark’s market dynamics. Richardson Financial Services Inc. increased its holdings in Trustmark by 86.7% during the third quarter, now owning 743 shares valued at approximately $29,000 after an additional purchase of 345 shares. Bessemer Group Inc. raised its stake by 37.4%, now holding 1,073 shares worth around $42,000 after acquiring 292 shares in the last quarter.
Furthermore, EverSource Wealth Advisors LLC expanded its position by 452.2%, now owning 1,248 shares worth about $46,000 after adding 1,022 shares in the previous quarter. The State of Wyoming also acquired new shares in Trustmark, valued at approximately $52,000 during the first quarter. IFP Advisors Inc. increased its holdings by 24.1%, reaching a total of 1,375 shares valued at $54,000 after acquiring an additional 267 shares.
Currently, institutional investors and hedge funds own 67.64% of Trustmark’s stock, indicating significant interest from major financial players.
Trustmark Corporation operates as a bank holding company for Trustmark National Bank, providing a range of banking and financial solutions to individual and corporate clients across the United States. The company functions through three main segments: General Banking, Wealth Management, and Insurance, offering services such as checking and savings accounts, loans, and treasury management solutions.
As this financial landscape evolves, investors will be keenly observing how these rating changes and trading activities impact Trustmark’s performance moving forward.
