TrustCo Bank Corp NY (NASDAQ:TRST) Announces Earnings Results

TrustCo Bank Corp NY (NASDAQ:TRST) released its earnings results on Tuesday. The bank reported $0.98 EPS for the quarter, FiscalAI reports. TrustCo Bank Corp NY had a return on equity of 9.21% and a net margin of 22.42%.The company had revenue of $51.50 million for the quarter.

TrustCo Bank Corp NY Trading Up 0.5%

TRST stock traded up $0.26 during midday trading on Tuesday, reaching $55.70. 146,524 shares of the company’s stock traded hands, compared to its average volume of 116,190. The stock has a market cap of $973.64 million, a P/E ratio of 16.33 and a beta of 0.62. TrustCo Bank Corp NY has a 52-week low of $32.62 and a 52-week high of $56.67. The stock’s 50-day moving average is $52.76 and its 200 day moving average is $47.43.

TrustCo Bank Corp NY Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, June 5th. TrustCo Bank Corp NY’s payout ratio is currently 44.57%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Several large investors have recently made changes to their positions in TRST. GAMMA Investing LLC raised its stake in shares of TrustCo Bank Corp NY by 11.4% during the fourth quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock valued at $107,000 after purchasing an additional 264 shares in the last quarter. DUTCH ASSET Corp boosted its position in shares of TrustCo Bank Corp NY by 5.9% in the 1st quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank’s stock valued at $241,000 after purchasing an additional 304 shares during the period. Gabelli Funds LLC increased its position in shares of TrustCo Bank Corp NY by 0.6% in the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock worth $2,531,000 after acquiring an additional 425 shares in the last quarter. Retirement Planning Group LLC NY lifted its stake in TrustCo Bank Corp NY by 9.2% in the 1st quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank’s stock worth $243,000 after acquiring an additional 463 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in TrustCo Bank Corp NY by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock worth $336,000 after buying an additional 468 shares in the last quarter. 68.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research report on Monday, June 8th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy”.

About TrustCo Bank Corp NY

TrustCo Bank Corp. NY (NASDAQ: TRST) is a bank holding company headquartered in Glens Falls, New York, that provides a full suite of community banking and financial services primarily across upstate New York and western Massachusetts. Through its wholly owned subsidiary, Trustco Bank, the company offers deposit products such as checking and savings accounts, as well as consumer, residential mortgage, and commercial lending solutions. Additional services include wealth management, trust administration, and insurance products tailored to the needs of individuals, businesses and nonprofit organizations.

Founded in 1902 as the Glens Falls Trust Company, TrustCo Bank has grown steadily through organic branch expansion and acquisitions of locally based banks.