StockNews.com cut shares of TrustCo Bank Corp NY (NASDAQ:TRST – Free Report) from a hold rating to a sell rating in a research note published on Saturday morning.
TrustCo Bank Corp NY Stock Performance
TRST stock traded down $0.13 during midday trading on Friday, reaching $27.22. 56,437 shares of the company traded hands, compared to its average volume of 52,765. TrustCo Bank Corp NY has a 52-week low of $23.78 and a 52-week high of $32.10. The business has a 50 day moving average of $27.58 and a 200-day moving average of $28.31. The firm has a market capitalization of $517.72 million, a price-to-earnings ratio of 9.76 and a beta of 0.84.
TrustCo Bank Corp NY (NASDAQ:TRST – Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.04. TrustCo Bank Corp NY had a return on equity of 8.35% and a net margin of 21.17%. The business had revenue of $41.42 million for the quarter, compared to the consensus estimate of $43.16 million. Research analysts anticipate that TrustCo Bank Corp NY will post 2.38 earnings per share for the current year.
TrustCo Bank Corp NY Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.44 annualized dividend and a dividend yield of 5.29%. TrustCo Bank Corp NY’s payout ratio is 51.61%.
Institutional Investors Weigh In On TrustCo Bank Corp NY
Several hedge funds and other institutional investors have recently modified their holdings of the business. Swiss National Bank grew its stake in TrustCo Bank Corp NY by 1.7% in the third quarter. Swiss National Bank now owns 41,820 shares of the bank’s stock worth $1,141,000 after purchasing an additional 700 shares in the last quarter. Gabelli Funds LLC grew its stake in TrustCo Bank Corp NY by 3.3% in the third quarter. Gabelli Funds LLC now owns 46,947 shares of the bank’s stock worth $1,281,000 after purchasing an additional 1,500 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in TrustCo Bank Corp NY by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 153,524 shares of the bank’s stock worth $4,190,000 after purchasing an additional 7,143 shares in the last quarter. Brandywine Global Investment Management LLC grew its stake in TrustCo Bank Corp NY by 33.4% in the third quarter. Brandywine Global Investment Management LLC now owns 131,019 shares of the bank’s stock worth $3,576,000 after purchasing an additional 32,817 shares in the last quarter. Finally, Trexquant Investment LP grew its stake in TrustCo Bank Corp NY by 33.8% in the third quarter. Trexquant Investment LP now owns 34,893 shares of the bank’s stock worth $952,000 after purchasing an additional 8,821 shares in the last quarter. 68.57% of the stock is currently owned by hedge funds and other institutional investors.
About TrustCo Bank Corp NY
TrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals and businesses. The company accepts deposits; and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities.