Short Interest in TrustCo Bank Corp NY (NASDAQ:TRST) Grows By 69.2%

TrustCo Bank Corp NY (NASDAQ:TRST) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 2,030,000 shares, an increase of 69.2% from the September 15th total of 1,200,000 shares. Based on an average trading volume of 412,100 shares, the days-to-cover ratio is currently 4.9 days. Approximately 2.2% of the company’s stock are sold short.

Several equities research analysts have weighed in on the company. BidaskClub downgraded TrustCo Bank Corp NY from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. Piper Sandler decreased their target price on TrustCo Bank Corp NY from $7.00 to $6.50 and set an “overweight” rating for the company in a report on Monday, September 28th. Finally, Zacks Investment Research downgraded TrustCo Bank Corp NY from a “buy” rating to a “hold” rating in a report on Wednesday, June 24th.

In other TrustCo Bank Corp NY news, Director Frank B. Silverman purchased 10,000 shares of the stock in a transaction on Wednesday, September 2nd. The stock was acquired at an average price of $5.85 per share, with a total value of $58,500.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $58,500. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders acquired 19,700 shares of company stock valued at $114,405. Corporate insiders own 2.69% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. State Street Corp lifted its holdings in TrustCo Bank Corp NY by 7.4% in the first quarter. State Street Corp now owns 3,145,238 shares of the bank’s stock valued at $17,225,000 after acquiring an additional 216,116 shares during the period. Invesco Ltd. lifted its holdings in TrustCo Bank Corp NY by 7.0% in the first quarter. Invesco Ltd. now owns 2,657,148 shares of the bank’s stock valued at $14,376,000 after acquiring an additional 172,711 shares during the period. Geode Capital Management LLC lifted its holdings in TrustCo Bank Corp NY by 6.6% in the first quarter. Geode Capital Management LLC now owns 1,495,277 shares of the bank’s stock valued at $8,088,000 after acquiring an additional 92,058 shares during the period. Assenagon Asset Management S.A. lifted its holdings in TrustCo Bank Corp NY by 610.8% in the third quarter. Assenagon Asset Management S.A. now owns 912,027 shares of the bank’s stock valued at $4,761,000 after acquiring an additional 783,726 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in TrustCo Bank Corp NY by 28.8% in the second quarter. Nuveen Asset Management LLC now owns 749,770 shares of the bank’s stock valued at $4,746,000 after acquiring an additional 167,756 shares during the period. 63.83% of the stock is owned by institutional investors.

TrustCo Bank Corp NY stock opened at $5.47 on Friday. TrustCo Bank Corp NY has a 52 week low of $4.30 and a 52 week high of $9.10. The company has a market capitalization of $527.49 million, a price-to-earnings ratio of 9.95 and a beta of 1.18. The stock has a 50-day moving average price of $5.58 and a 200 day moving average price of $5.85.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its earnings results on Tuesday, July 21st. The bank reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.01. TrustCo Bank Corp NY had a return on equity of 9.82% and a net margin of 25.94%. The firm had revenue of $41.11 million during the quarter, compared to the consensus estimate of $40.64 million. On average, analysts expect that TrustCo Bank Corp NY will post 0.52 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were issued a $0.068 dividend. This represents a $0.27 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend was Thursday, September 3rd. TrustCo Bank Corp NY’s payout ratio is presently 45.00%.

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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