Trustmark Corp. (TRMK)
NASDAQ:TRMK
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Trustmark
(NASDAQ:TRMK)
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Rating:72Outperform
Price Target:
$50.00
▲(10.40% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by solid underlying financial performance (profitability and de-levered balance sheet), tempered by cash flow softness and operating-margin inconsistency. Valuation is supportive with a low P/E and a moderate dividend yield. Technicals are mildly constructive but neutral in momentum. Earnings call factors are positive overall due to affirmed guidance, stable NIM, and buyback authorization, with contained but notable risks in mortgage hedging volatility and isolated CRE credit migration.
Positive Factors
Consistent profitability and returns
Trustmark generates durable profitability across its franchise, with mid‑teens returns on tangible equity and steady quarterly net income. Sustained ROE/ROTCE at these levels supports internal capital growth, dividend coverage and ability to fund strategic investments over the next 2–6 months.
Negative Factors
Mortgage hedge ineffectiveness
Persistent hedge ineffectiveness in the mortgage business creates recurring volatility in noninterest income, complicating earnings predictability. Over multiple quarters this can depress reported operating leverage and force conservative capital/earnings guidance, limiting steady long‑term EPS growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent profitability and returns
Trustmark generates durable profitability across its franchise, with mid‑teens returns on tangible equity and steady quarterly net income. Sustained ROE/ROTCE at these levels supports internal capital growth, dividend coverage and ability to fund strategic investments over the next 2–6 months.
Read all positive factors
Trustmark (TRMK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.60B
Dividend Yield2.38%
Average Volume (3M)266.78K
Price to Earnings (P/E)11.0
Beta (1Y)0.85
Revenue Growth19.81%
EPS Growth3091.83%
CountryUS
Employees2,506
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.78
Shares Outstanding58,605,550
10 Day Avg. Volume331,691
30 Day Avg. Volume266,784
Financial Highlights & Ratios
PEG Ratio5.46
Price to Book (P/B)1.11
Price to Sales (P/S)2.10
P/FCF Ratio10.13
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue2.54
Enterprise Value/Gross Profit3.82
Enterprise Value/Ebitda9.44
Forecast
1Y Price Target
$46.25Price Target Upside2.12% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.82
Revenue Forecast (FY)$848.30M
Trustmark Business Overview & Revenue Model
Company Description
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:...
How the Company Makes Money
Trustmark primarily makes money through (1) net interest income and (2) noninterest income. Net interest income is earned from the spread between interest and fees received on interest-earning assets (such as commercial and consumer loans and secu...
Trustmark Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call presented multiple tangible positives — healthy profitability (EPS $0.95), solid loan (+1.5% linked, +4.8% YoY) and deposit (+1.4% linked, +4.2% YoY) growth, stable NIM (3.81%), improving noninterest income, disciplined expense management, and strong capital metrics (CET1 11.7%). Headwinds include a Q1 seasonal revenue dip (‑0.6% Q/Q), YoY expense growth, a single CRE credit moving to nonaccrual ($12.3M), ongoing mortgage hedge ineffectiveness that can swing noninterest income, and competitive pressure on yields and deposit pricing. Management affirmed full‑year guidance and signaled continued share repurchases and strategic investments. On balance, the positives and affirmed guidance outweigh the localized credit and revenue headwinds, but risks remain — particularly mortgage hedging and CRE payoff timing.Positive Updates
Strong Profitability and Returns
Net income of $56.1M; diluted EPS $0.95; return on average assets 1.2%; return on average tangible equity 12.58% — indicating solid profitability across the franchise.
Negative Updates
Seasonal Revenue Decline
Reported total revenue experienced a seasonal decrease of 0.6% Q/Q (though up 4.2% YoY); indicates near-term variability in top-line results.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Profitability and Returns
Net income of $56.1M; diluted EPS $0.95; return on average assets 1.2%; return on average tangible equity 12.58% — indicating solid profitability across the franchise.
Read all positive updates
Company Guidance
Management affirmed its 2026 guidance: loans held for investment are expected to increase single digits (Q1 LHI +$203.7M, +1.5% linked‑quarter; +$636.5M, +4.8% YoY), deposits excluding brokered to increase mid‑single digits (Q1 deposits +$212.7M, +1.4% linked‑quarter; +$631.8M, +4.2% YoY) with securities balances stable, and full‑year net interest margin guided to 3.80%–3.85% (Q1 NIM 3.81%) with net interest income expected to rise mid‑single digits (Q1 tax‑equivalent NII $163.5M); noninterest income and noninterest expense are each expected to increase mid‑single digits (Q1 noninterest income $42.3M, 20.9% of revenue; Q1 noninterest expense $132.2M), total provision for credit losses (including off‑balance‑sheet exposure) is expected to normalize (Q1 provision $2.7M; allowance 1.16% of loans; Q1 net charge‑offs $1.3M, 4 bps), and capital deployment will be disciplined (CET1 11.7%; total risk‑based capital 14.37% as of 3/31/26) with a preference for organic loan growth, market expansion, M&A or other uses; the board also authorized up to $100M of share repurchases for 2026 (Q1 repurchases $19.8M, ~477k shares, ~0.8% of shares O/S) and declared a $0.25 quarterly dividend.Trustmark Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.19B | 1.12B | 831.37M | 916.33M | 583.32M | 567.82M |
| Gross Profit | 791.58M | 794.92M | 414.20M | 565.80M | 513.31M | 568.11M |
| EBITDA | 320.24M | 325.73M | 72.12M | 216.79M | 98.99M | 221.23M |
| Net Income | 226.62M | 224.13M | 223.01M | 165.49M | 71.89M | 147.37M |
Balance Sheet | ||||||
| Total Assets | 18.99B | 18.93B | 18.15B | 18.72B | 18.02B | 17.60B |
| Cash, Cash Equivalents and Short-Term Investments | 526.59M | 2.54B | 2.26B | 2.74B | 2.76B | 5.51B |
| Total Debt | 948.25M | 1.12B | 849.80M | 1.11B | 1.72B | 550.97M |
| Total Liabilities | 16.86B | 16.80B | 16.19B | 17.06B | 16.52B | 15.85B |
| Stockholders Equity | 2.13B | 2.12B | 1.96B | 1.66B | 1.49B | 1.74B |
Cash Flow | ||||||
| Free Cash Flow | 172.36M | 231.95M | 88.34M | 148.23M | 262.50M | 317.57M |
| Operating Cash Flow | 188.59M | 243.90M | 116.93M | 196.89M | 296.52M | 348.77M |
| Investing Cash Flow | -650.93M | -586.20M | 284.59M | -411.17M | -2.28B | -1.01B |
| Financing Cash Flow | 401.58M | 443.05M | -809.62M | 455.04M | 451.84M | 970.57M |
Trustmark Technical Analysis
Positive
45.29
Price Trends
43.60
Positive
42.82
Positive
40.78
Positive
Market Momentum
0.02
Positive
52.85
Neutral
69.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRMK, the sentiment is Positive. The current price of 45.29 is above the 20-day moving average (MA) of 44.34, above the 50-day MA of 43.60, and above the 200-day MA of 40.78, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 52.85 is Neutral, neither overbought nor oversold. The STOCH value of 69.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TRMK.
Trustmark Risk Analysis
Trustmark disclosed 30 risk factors in its most recent earnings report. Trustmark reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Trustmark Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $3.22B | 9.71 | 10.23% | 3.79% | 8.30% | 17.76% | |
74 Outperform | $2.43B | 12.48 | 7.47% | 1.69% | 3.15% | 38.23% | |
73 Outperform | $2.54B | 8.49 | 13.62% | ― | 9.32% | 97.60% | |
72 Outperform | $2.60B | 11.05 | 10.75% | 2.38% | 19.81% | 3091.83% | |
70 Outperform | $2.60B | 9.04 | 8.36% | 3.27% | -8.79% | 15.89% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $2.53B | 20.98 | 8.03% | 3.72% | 0.97% | -4.32% |
* Financial Sector Average
TRMK
Trustmark
44.40
10.63
31.49%
FBNC
First Bancorp
58.65
18.40
45.71%
FFBC
First Financial Bancorp
30.73
7.65
33.13%
FRME
First Merchants
40.14
4.18
11.61%
WAFD
Washington Federal
35.24
7.71
27.99%
CUBI
Customers Bancorp
75.15
24.40
48.08%
Trustmark Corporate Events
Executive/Board ChangesShareholder Meetings
Trustmark shareholders reaffirm board, pay practices and auditor
Positive
Apr 29, 2026
At Trustmark’s annual shareholders’ meeting held on April 28, 2026, investors elected eleven directors to serve on the board until the 2027 annual meeting or until successors are chosen, reaffirming the existing leadership slate. Share...
Business Operations and StrategyExecutive/Board Changes
Trustmark Revamps Executive Leadership with New COO, CFO
Positive
Mar 30, 2026
On March 30, 2026, Trustmark announced that long-serving finance executive Thomas C. Owens will become Chief Operating Officer of Trustmark Bank effective May 1, 2026, moving from his current roles as Treasurer and Principal Financial Officer of T...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.