Trustmark Announces Agreement to Sell Fisher Brown Bottrell Insurance, Inc. to Marsh & McLennan Agency LLC [Yahoo! Finance]
Trustmark Corporation (TRMK)
Last trustmark corporation earnings: 4/28 04:30 pm
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Source: Yahoo! Finance
wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (" FBBI NSURANCE") to Marsh & McLennan Agency LLC for $345 million in cash. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK). Transaction Highlights The sale of FBBI NSURANCE, among the five largest bank-affiliated insurance brokerages in the nation and one of the largest agencies in the Southeast, is expected to allow Trustmark to capitalize on the strong valuation premiums in the insurance brokerage sector. The $345 million transaction value represents approximately 5.9 times FBBI NSURANCE's 2023 revenue and 28.0 times net income. Estimated after-tax proceeds of $228 million are expected to be used to reposition Trustmark's balance sheet to increase earnings, elevate profitability, and enhance capital. Duane A. Dewey, President and CEO of Trustmark, stated, "Trustmark entered the insurance brokerage business 25 years ago. Since then, the agency has grown from a singl
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TRMK
News
- Surging Earnings Estimates Signal Upside for Trustmark (TRMK) Stock [Yahoo! Finance]Yahoo! Finance
- Trustmark Co. (NASDAQ: TRMK) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Trustmark Co. (NASDAQ: TRMK) had its price target raised by analysts at Truist Financial Co. from $30.00 to $32.00. They now have a "hold" rating on the stock.MarketBeat
- Trustmark Co. (NASDAQ: TRMK) had its price target raised by analysts at DA Davidson from $30.00 to $34.00. They now have a "neutral" rating on the stock.MarketBeat
- Trustmark Corporation (NASDAQ:TRMK) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
TRMK
Earnings
- 4/23/24 - Beat
TRMK
Sec Filings
- 4/25/24 - Form 4
- 4/25/24 - Form 4
- 4/25/24 - Form 4
- TRMK's page on the SEC website