TrustCo Bank Corp NY (NASDAQ:TRST) to Issue Quarterly Dividend of $0.36

TrustCo Bank Corp NY (NASDAQ:TRST) announced a quarterly dividend on Tuesday, May 21st, Zacks reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.36 per share by the bank on Monday, July 1st. This represents a $1.44 annualized dividend and a yield of 5.01%. The ex-dividend date of this dividend is Friday, June 7th.

TrustCo Bank Corp NY has increased its dividend by an average of 1.9% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. TrustCo Bank Corp NY has a dividend payout ratio of 49.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect TrustCo Bank Corp NY to earn $2.92 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 49.3%.

TrustCo Bank Corp NY Price Performance

NASDAQ TRST opened at $28.76 on Thursday. The business’s 50-day simple moving average is $27.48 and its 200-day simple moving average is $28.29. The firm has a market capitalization of $547.02 million, a P/E ratio of 10.31 and a beta of 0.84. TrustCo Bank Corp NY has a 1-year low of $23.78 and a 1-year high of $32.10.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.04. TrustCo Bank Corp NY had a net margin of 21.17% and a return on equity of 8.35%. The firm had revenue of $41.42 million for the quarter, compared to analysts’ expectations of $43.16 million. On average, equities research analysts expect that TrustCo Bank Corp NY will post 2.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut TrustCo Bank Corp NY from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st.

TrustCo Bank Corp NY Company Profile

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.