TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Down to $27.90

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $27.90, but opened at $27.14. TrustCo Bank Corp NY shares last traded at $27.29, with a volume of 4,948 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a report on Tuesday.

TrustCo Bank Corp NY Trading Down 3.0 %

The firm has a market capitalization of $514.49 million, a price-to-earnings ratio of 10.00 and a beta of 0.84. The company has a fifty day moving average price of $27.30 and a 200-day moving average price of $28.05.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results 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 firm had revenue of $63.11 million for the quarter, compared to analyst estimates of $44.90 million. TrustCo Bank Corp NY had a net margin of 21.17% and a return on equity of 8.41%. During the same quarter in the prior year, the firm earned $1.10 earnings per share. As a group, sell-side analysts predict that TrustCo Bank Corp NY will post 2.54 EPS for the current fiscal year.

TrustCo Bank Corp NY Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued 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 51.61%.

Insider Buying and Selling

In related news, COO Kevin M. Curley bought 916 shares of TrustCo Bank Corp NY stock in a transaction that occurred on Tuesday, February 13th. The stock was 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 in the company, valued at $949,111.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Eric W. Schreck bought 1,000 shares of TrustCo Bank Corp NY stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $28.44 per share, for a total transaction of $28,440.00. Following the acquisition, the executive vice president now owns 41,407 shares in the company, valued at $1,177,615.08. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Kevin M. Curley bought 916 shares of TrustCo Bank Corp NY stock in a transaction that occurred on Tuesday, February 13th. The stock was bought at an average price of $27.30 per share, with a total value of $25,006.80. Following the completion of the acquisition, the chief operating officer now owns 34,766 shares in the company, valued at approximately $949,111.80. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,879 shares of company stock worth $80,023. 3.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. GAMMA Investing LLC acquired a new position in shares of TrustCo Bank Corp NY during the fourth quarter worth approximately $28,000. Quest Partners LLC acquired a new position in shares of TrustCo Bank Corp NY during the fourth quarter worth approximately $144,000. Nisa Investment Advisors LLC lifted its holdings in shares of TrustCo Bank Corp NY by 39,333.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,915 shares of the bank’s stock worth $184,000 after buying an additional 5,900 shares during the last quarter. Advisor Partners II LLC acquired a new position in shares of TrustCo Bank Corp NY during the third quarter worth approximately $201,000. Finally, Maryland State Retirement & Pension System bought a new stake in shares of TrustCo Bank Corp NY during the fourth quarter valued at approximately $218,000. 68.57% of the stock is currently owned by institutional investors and hedge funds.

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.