Trustmark downgraded to Underperform from Market Perform at Keefe Bruyette. Keefe Bruyette analyst Catherine Mealor downgraded Trustmark to Underperform from Market Perform with an unchanged price target of $30. The analyst says that while she likes the company's new buyback authorization, she's downgrading the shares due to valuation.
Reports Q4 revenue $148.7M, consensus $154.83M. Gerard R. Host, President and CEO, stated, "During 2018, we continued to focus on strategic initiatives of profitably growing each of our financial services businesses, optimizing our balance sheet, deploying capital through share repurchases and maintaining disciplined expense management. As we look forward in 2019, we will continue to provide the financial services and advice our customers have come to expect. We remain committed to managing the franchise for the long term, supporting investments to promote profitable revenue growth, realigning delivery channels to support changing customer preferences, as well as reengineering and efficiency opportunities that enhance long-term shareholder value."
Trustmark announced that David C. Kennedy has been named Executive Vice President and CIO of Trustmark National Bank. Kennedy has more than 20 years of experience, with his most recent leadership role as Chief Technology Officer of Stone Energy Corporation in Lafayette, Louisiana. In this position, Kennedy was responsible for corporate technology and innovation initiatives and directed the management and operations of information systems across 100+ locations worldwide. He has also served as cybersecurity advisor to regional financial institutions.
Trustmark Corporation announced that Duane A. Dewey has been named Chief Operating Officer of Trustmark National Bank effective January 1, 2019. Gerard R. Host, President and Chief Executive Officer, commented, "Duane is a valuable member of our executive team and has a distinguished record of achievement during his 15-year tenure at Trustmark. He understands our customers, markets and culture and is ideally suited for this position. I am delighted that the board has recognized Duane's contributions and leadership at Trustmark and look forward to continuing to work with him to serve our customers, enhance the growth of our franchise and create additional value for our shareholders." Dewey has served as President of Corporate Banking at Trustmark since 2008.
Reports Q3 revenue $150M, consensus $155.33M. Gerard R. Host, President and CEO, stated, "Our third quarter performance continues to reflect our strategic priorities of profitable revenue generation, process improvement and disciplined expense management. During the quarter, we continued to expand banking relationships as well as attract new insurance and wealth management clients. We are privileged to have a #1 deposit share ranking in not only the Jackson metropolitan area, but also the state of Mississippi and, across the franchise, a top-four deposit share ranking in 68% of counties served. Trustmark remains well positioned to continue meeting the needs of our customers and creating long-term value for our shareholders."
Reports Q2 revenue $147.5M, consensus $152.53M. The net interest margin excluding acquired loans, was 3.46% in the second quarter, up 9 basis points from the prior quarter. Gerard R. Host, President and CEO, stated, "The second quarter showed the value of the diverse Trustmark franchise, with solid loan growth across our five state footprint. We continued to focus on our strategic initiatives of balance sheet optimization, capital deployment through additional share repurchases and disciplined expense management. We also continued to maintain and expand customer relationships in our other lines of businesses, as evidenced by strength in insurance commissions and mortgage loan production volumes."