StockNews.com Begins Coverage on TrustCo Bank Corp NY (NASDAQ:TRST)

Posted by Patrick Bannon on Mar 19th, 2023

StockNews.com initiated coverage on shares of TrustCo Bank Corp NY (NASDAQ:TRST – Get Rating) in a research note published on Thursday morning. The brokerage issued a hold rating on the bank’s stock.

Separately, Piper Sandler lowered shares of TrustCo Bank Corp NY from a neutral rating to an underweight rating and lowered their target price for the stock from $39.00 to $36.00 in a research note on Wednesday, January 25th.

TrustCo Bank Corp NY Stock Down 3.6 %

TRST stock opened at $33.97 on Thursday. TrustCo Bank Corp NY has a 52-week low of $29.50 and a 52-week high of $39.36. The company’s 50-day simple moving average is $36.45 and its 200-day simple moving average is $36.00. The firm has a market cap of $646.11 million, a P/E ratio of 8.64 and a beta of 0.92.

TrustCo Bank Corp NY (NASDAQ:TRST – Get Rating) last issued its quarterly earnings results on Tuesday, January 24th. The bank reported $1.10 EPS for the quarter, topping the consensus estimate of $0.99 by $0.11. TrustCo Bank Corp NY had a return on equity of 12.66% and a net margin of 36.55%. The firm had revenue of $56.86 million during the quarter, compared to analysts’ expectations of $52.32 million. On average, analysts anticipate that TrustCo Bank Corp NY will post 3.87 earnings per share for the current fiscal year.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Friday, March 3rd will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, March 2nd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.24%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 36.64%.

Insiders Place Their Bets

In other news, CEO Robert J. Mccormick purchased 862 shares of the business’s stock in a transaction that occurred on Thursday, January 26th. The stock was purchased at an average cost of $33.34 per share, with a total value of $28,739.08. Following the completion of the acquisition, the chief executive officer now directly owns 252,276 shares of the company’s stock, valued at approximately $8,410,881.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other TrustCo Bank Corp NY news, CEO Robert J. Mccormick purchased 862 shares of the stock in a transaction dated Thursday, January 26th. The shares were acquired at an average cost of $33.34 per share, for a total transaction of $28,739.08. Following the completion of the transaction, the chief executive officer now directly owns 252,276 shares of the company’s stock, valued at $8,410,881.84. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Curtis N. Powell purchased 785 shares of the stock in a transaction dated Tuesday, February 28th. The stock was acquired at an average price of $37.65 per share, for a total transaction of $29,555.25. Following the completion of the transaction, the director now directly owns 1,527 shares of the company’s stock, valued at $57,491.55. The disclosure for this purchase can be found here. In the last quarter, insiders bought 8,689 shares of company stock worth $295,358. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRST. Bank of New York Mellon Corp lifted its holdings in TrustCo Bank Corp NY by 0.8% during the 1st quarter. Bank of New York Mellon Corp now owns 238,590 shares of the bank’s stock worth $7,619,000 after buying an additional 1,909 shares during the last quarter. American Century Companies Inc. lifted its holdings in TrustCo Bank Corp NY by 31.5% during the 1st quarter. American Century Companies Inc. now owns 79,437 shares of the bank’s stock worth $2,536,000 after buying an additional 19,006 shares during the last quarter. Citigroup Inc. lifted its holdings in TrustCo Bank Corp NY by 10.1% during the 1st quarter. Citigroup Inc. now owns 17,218 shares of the bank’s stock worth $550,000 after buying an additional 1,582 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in TrustCo Bank Corp NY by 12.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,279 shares of the bank’s stock worth $265,000 after buying an additional 892 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in TrustCo Bank Corp NY during the 1st quarter worth approximately $1,102,000. 65.30% of the stock is owned by hedge funds and other institutional investors.

TrustCo Bank Corp NY Company Profile

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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, partnerships, and corporations. It 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.