TrustCo Bank Corp NY (NASDAQ:TRST) Upgraded by BidaskClub to “Buy”

BidaskClub upgraded shares of TrustCo Bank Corp NY (NASDAQ:TRST) from a hold rating to a buy rating in a research note released on Wednesday morning, BidAskClub reports.

Separately, GMP Securities restated a hold rating and issued a $6.00 price objective on shares of TrustCo Bank Corp NY in a report on Thursday, July 11th.

TrustCo Bank Corp NY stock opened at $8.26 on Wednesday. The firm has a 50 day simple moving average of $7.81 and a 200-day simple moving average of $7.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.95 and a quick ratio of 0.95. TrustCo Bank Corp NY has a 1-year low of $6.51 and a 1-year high of $8.68. The stock has a market cap of $796.60 million, a price-to-earnings ratio of 13.05 and a beta of 1.11.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.15 EPS for the quarter, hitting the consensus estimate of $0.15. TrustCo Bank Corp NY had a net margin of 29.19% and a return on equity of 12.19%. The firm had revenue of $44.11 million for the quarter.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a $0.068 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.27 dividend on an annualized basis and a dividend yield of 3.29%.

In other news, Director Anthony J. Md Phd Marinello acquired 5,072 shares of TrustCo Bank Corp NY stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average cost of $7.60 per share, for a total transaction of $38,547.20. Following the acquisition, the director now owns 91,161 shares of the company’s stock, valued at $692,823.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 7,400 shares of company stock worth $57,422 over the last 90 days. Company insiders own 2.64% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC purchased a new position in shares of TrustCo Bank Corp NY in the 2nd quarter valued at $35,000. Northwestern Mutual Wealth Management Co. grew its position in shares of TrustCo Bank Corp NY by 21.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 12,851 shares of the bank’s stock valued at $100,000 after buying an additional 2,278 shares during the last quarter. Laurion Capital Management LP purchased a new position in shares of TrustCo Bank Corp NY in the 1st quarter valued at $108,000. Cubist Systematic Strategies LLC grew its position in shares of TrustCo Bank Corp NY by 39.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 14,024 shares of the bank’s stock valued at $111,000 after buying an additional 3,946 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of TrustCo Bank Corp NY in the 2nd quarter valued at $125,000. 63.45% of the stock is currently owned by hedge funds and other institutional investors.

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, partnerships, and corporations. The company is primarily involved in accepting deposits, and making 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.

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