TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Down – Here’s What Happened

TrustCo Bank Corp NY (NASDAQ:TRST) gapped down prior to trading on Monday . The stock had previously closed at $45.56, but opened at $42.71. TrustCo Bank Corp NY shares last traded at $42.7940, with a volume of 2,615 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The business’s 50-day moving average is $42.68 and its 200 day moving average is $39.03. The firm has a market capitalization of $779.35 million, a P/E ratio of 13.02 and a beta of 0.63.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.The firm had revenue of $48.17 million for the quarter, compared to analyst estimates of $48.69 million. During the same quarter last year, the company earned $0.59 EPS.

TrustCo Bank Corp NY Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were given a dividend of $0.38 per share. The ex-dividend date was Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is currently 46.77%.

TrustCo Bank Corp NY declared that its Board of Directors has initiated a share repurchase plan on Friday, December 19th that permits the company to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 0.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of TrustCo Bank Corp NY by 11.4% in the fourth quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock worth $107,000 after acquiring an additional 264 shares during the last quarter. Gabelli Funds LLC boosted its position in TrustCo Bank Corp NY by 0.6% in the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock valued at $2,531,000 after buying an additional 425 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in shares of TrustCo Bank Corp NY by 108.1% during the third quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $32,000 after buying an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 valued at $336,000 after acquiring an additional 468 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of TrustCo Bank Corp NY by 48.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,701 shares of the bank’s stock valued at $62,000 after acquiring an additional 555 shares in the last quarter. Institutional investors and hedge funds own 68.57% of the company’s stock.

TrustCo Bank Corp NY Company Profile

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.