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UPDATE: Keefe, Bruyette & Woods Downgrades Trustmark As Higher Growth Momentum Is Not Enough

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In a report published Thursday, Keefe, Bruyette & Woods analyst Catherine Mealor downgraded the rating on Trustmark Corp (NASDAQ: TRMK) from Market Perform to Underperform, and lowered the price target from $24.00 to $22.00.

In the report, Keefe, Bruyette & Woods noted, “The higher EPS was mostly driven by higher acquired recoveries and OREO gains, which are not sustainable, in our opinion, putting the 3Q run rate closer to $0.39. True, improved growth in loans and fees and stable expenses were positives this quarter; however, a lower core NIM is bringing our estimates down to $1.61 in 2015 and $1.63 in 2016, which puts TRMK shares at 2x multiple premium to peers on '16. Lowering PT and downgrading to UP.”

Trustmark Corp closed on Wednesday at $24.30.

Latest Ratings for TRMK

Aug 2016SunTrust Robinson HumphreyMaintainsNeutral
Jul 2016Keefe Bruyette & WoodsMaintainsMarket Perform
Jul 2016JefferiesMaintainsHold

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Posted-In: Catherine Mealor Keefe Bruyette & WoodsAnalyst Color Downgrades Analyst Ratings


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