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

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

TrustCo Bank Corp NY Stock Up 0.5%

NASDAQ:TRST opened at $55.70 on Wednesday. The company 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 fifty-two week low of $32.62 and a fifty-two week high of $56.67. The firm’s 50 day moving average is $52.90 and its two-hundred day moving average is $47.53.

TrustCo Bank Corp NY Dividend Announcement

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

Institutional Trading of TrustCo Bank Corp NY

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position 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 buying an additional 264 shares during the period. DUTCH ASSET Corp lifted its position in TrustCo Bank Corp NY by 5.9% during the 1st quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank’s stock worth $241,000 after acquiring an additional 304 shares in the last quarter. Gabelli Funds LLC boosted its holdings in TrustCo Bank Corp NY by 0.6% in the 2nd quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock worth $2,531,000 after acquiring an additional 425 shares during the period. Retirement Planning Group LLC NY grew its position in TrustCo Bank Corp NY by 9.2% in the first quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank’s stock valued at $243,000 after acquiring an additional 463 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in TrustCo Bank Corp NY by 4.4% in the first 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 in the last quarter. 68.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.