FY2024 Earnings Forecast for Trustmark Issued By DA Davidson

Trustmark Co. (NASDAQ:TRMK) – Research analysts at DA Davidson upped their FY2024 earnings per share estimates for Trustmark in a report released on Thursday, October 24th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $2.92 per share for the year, up from their previous forecast of $2.87. DA Davidson has a “Neutral” rating and a $38.00 price objective on the stock. The consensus estimate for Trustmark’s current full-year earnings is $2.92 per share. DA Davidson also issued estimates for Trustmark’s Q4 2024 earnings at $0.80 EPS.

Trustmark (NASDAQ:TRMK) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. Trustmark had a return on equity of 9.80% and a net margin of 17.62%. The company had revenue of $192.30 million during the quarter, compared to the consensus estimate of $192.77 million. During the same period in the previous year, the firm posted $0.64 earnings per share.

Several other equities analysts also recently issued reports on the company. StockNews.com upgraded Trustmark from a “sell” rating to a “hold” rating in a research report on Thursday. Truist Financial increased their price target on Trustmark from $35.00 to $36.00 and gave the company a “hold” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $34.75.

Trustmark Stock Performance

Shares of TRMK opened at $34.08 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a fifty day moving average of $32.65 and a 200-day moving average of $30.97. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 10.30 and a beta of 0.73. Trustmark has a 1 year low of $19.08 and a 1 year high of $35.75.

Trustmark Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Friday, November 29th. Trustmark’s dividend payout ratio (DPR) is 27.79%.

Hedge Funds Weigh In On Trustmark

Several institutional investors and hedge funds have recently modified their holdings of TRMK. State Board of Administration of Florida Retirement System boosted its holdings in Trustmark by 101.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 35,048 shares of the financial services provider’s stock worth $985,000 after purchasing an additional 17,670 shares in the last quarter. Wakefield Asset Management LLLP acquired a new position in shares of Trustmark during the 1st quarter valued at about $949,000. Kennedy Capital Management LLC bought a new position in shares of Trustmark in the 1st quarter valued at approximately $2,604,000. Wellington Management Group LLP acquired a new stake in Trustmark in the 4th quarter worth approximately $12,572,000. Finally, 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 purchasing an additional 50,795 shares during the last quarter. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

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.