Shares of Trustmark (TRMK) of Jackson, Miss., closed at $25.04 Tuesday, returning 4% year-to-date, following a 2% return during 2011.
The shares trade for 1.9 times tangible book value, and for 15 times the consensus 2013 EPS estimate of $1.66. The consensus EPS estimate for the first quarter is 39 cents, with a full-year estimate of $1.59 a share for 2012.
Based on a quarterly payout of 23 cents, the shares have a dividend yield of 3.67%.Trustmark had $9.7 billion in total assets as of Dec. 30. Alexopoulos's price target for Trustmark is $23.50, and he matches the consensus with a first-quarter EPS estimate of 39 cents, estimating earnings of $1.63 a share for all of 2012, followed by 2013 EPS of $1.61. The analyst on Wednesday said he expected the company's "organic loan growth to be flat in 1Q (excluding the impact of $117 million in loans acquired in the acquisition of Bay Bank & Trust of Panama City, FL)," and that Trustmark's net interest margin would "see continued pressure, as we forecast a 22 bps sequential decline in the margin to 4.06%, but still well ahead of peers expected to average a NIM of 3.61%." While the company "continues to post
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