TrustCo Bank Corp NY (NASDAQ:TRST) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of TrustCo Bank Corp NY (NASDAQ:TRST) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

TrustCo Bank Corp NY Trading Down 0.9 %

Shares of NASDAQ TRST opened at $27.06 on Tuesday. The stock has a 50 day simple moving average of $27.26 and a 200-day simple moving average of $28.03. The company has a market cap of $514.68 million, a PE ratio of 9.70 and a beta of 0.84. TrustCo Bank Corp NY has a 12-month low of $23.78 and a 12-month high of $32.10.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.14). The business had revenue of $63.11 million for the quarter, compared to analyst estimates of $44.90 million. TrustCo Bank Corp NY had a return on equity of 8.35% and a net margin of 21.17%. During the same quarter in the prior year, the firm posted $1.10 earnings per share. Sell-side analysts forecast that TrustCo Bank Corp NY will post 2.38 earnings per share for the current fiscal year.

TrustCo Bank Corp NY Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.44 annualized dividend and a dividend yield of 5.32%. TrustCo Bank Corp NY’s dividend payout ratio is presently 51.61%.

Insider Buying and Selling

In other news, EVP Eric W. Schreck bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average price of $28.44 per share, with a total value of $28,440.00. Following the completion of the acquisition, the executive vice president now directly owns 41,407 shares in the company, valued at $1,177,615.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Eric W. Schreck bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average price of $28.44 per share, with a total value of $28,440.00. Following the completion of the acquisition, the executive vice president now directly owns 41,407 shares in the company, valued at $1,177,615.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kevin M. Curley bought 916 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were purchased at an average cost of $27.30 per share, for a total transaction of $25,006.80. Following the acquisition, the chief operating officer now owns 34,766 shares of the company’s stock, valued at $949,111.80. The disclosure for this purchase can be found here. Insiders have bought a total of 2,879 shares of company stock valued at $80,023 over the last quarter. Corporate insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TRST. Assenagon Asset Management S.A. increased its holdings in shares of TrustCo Bank Corp NY by 911.9% in the third quarter. Assenagon Asset Management S.A. now owns 110,749 shares of the bank’s stock valued at $3,022,000 after buying an additional 99,804 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of TrustCo Bank Corp NY in the fourth quarter valued at $2,672,000. Dimensional Fund Advisors LP increased its holdings in shares of TrustCo Bank Corp NY by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,186,342 shares of the bank’s stock valued at $36,836,000 after buying an additional 33,892 shares in the last quarter. Brandywine Global Investment Management LLC increased its holdings in shares of 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 valued at $3,576,000 after buying an additional 32,817 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of TrustCo Bank Corp NY by 19.5% in the third quarter. AQR Capital Management LLC now owns 192,719 shares of the bank’s stock valued at $5,259,000 after buying an additional 31,483 shares in the last quarter. Institutional investors own 68.57% of the company’s stock.

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.