TrustCo Bank Corp NY (NASDAQ:TRST – Get Rating) released its earnings results on Monday. The bank reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.11, MarketWatch Earnings reports. The firm had revenue of $56.86 million during the quarter, compared to analyst estimates of $52.32 million. TrustCo Bank Corp NY had a return on equity of 11.87% and a net margin of 36.13%.
TrustCo Bank Corp NY Price Performance
Shares of TRST traded up $0.56 during midday trading on Tuesday, reaching $37.35. 63,302 shares of the stock were exchanged, compared to its average volume of 72,220. The business’s 50-day moving average price is $37.98 and its 200 day moving average price is $35.29. TrustCo Bank Corp NY has a twelve month low of $29.50 and a twelve month high of $39.36. The company has a market capitalization of $711.59 million, a price-to-earnings ratio of 10.00 and a beta of 0.93.
TrustCo Bank Corp NY Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Friday, December 2nd were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.86%. This is a boost from TrustCo Bank Corp NY’s previous quarterly dividend of $0.35. TrustCo Bank Corp NY’s payout ratio is 39.13%.
Analyst Upgrades and Downgrades
Insider Transactions at TrustCo Bank Corp NY
In other news, Director Kimberly Adams Russell bought 1,100 shares of the business’s stock in a transaction dated Tuesday, December 6th. The shares were acquired at an average price of $37.88 per share, for a total transaction of $41,668.00. Following the completion of the transaction, the director now owns 4,700 shares of the company’s stock, valued at $178,036. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.10% of the company’s stock.
Hedge Funds Weigh In On TrustCo Bank Corp NY
A number of hedge funds and other institutional investors have recently made changes to their positions in TRST. Ancora Advisors LLC grew its holdings in shares of TrustCo Bank Corp NY by 499.0% during the first quarter. Ancora Advisors LLC now owns 131,314 shares of the bank’s stock worth $968,000 after buying an additional 109,391 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in TrustCo Bank Corp NY by 45.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 308,685 shares of the bank’s stock valued at $9,520,000 after purchasing an additional 96,587 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of TrustCo Bank Corp NY by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 1,352,121 shares of the bank’s stock worth $43,173,000 after acquiring an additional 50,079 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of TrustCo Bank Corp NY by 83.4% in the first quarter. Hsbc Holdings PLC now owns 95,728 shares of the bank’s stock valued at $3,050,000 after buying an additional 43,523 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of TrustCo Bank Corp NY in the first quarter valued at $1,102,000. Hedge funds and other institutional investors own 65.30% of the company’s stock.
About TrustCo Bank Corp NY
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 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.
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