TrustCo Bank Corp NY (TRST) Stock Rating Lowered by BidaskClub

BidaskClub downgraded shares of TrustCo Bank Corp NY (NASDAQ:TRST) from a sell rating to a strong sell rating in a research note released on Monday morning.

Shares of TrustCo Bank Corp NY (NASDAQ TRST) opened at 7.75 on Monday. The firm has a 50-day moving average of $7.89 and a 200-day moving average of $7.92. The company has a market cap of $744.78 million, a price-to-earnings ratio of 16.60 and a beta of 1.17. TrustCo Bank Corp NY has a one year low of $6.60 and a one year high of $9.00.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its earnings results on Friday, July 21st. The bank reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. TrustCo Bank Corp NY had a net margin of 24.58% and a return on equity of 10.24%. The business had revenue of $43.05 million for the quarter. During the same period in the prior year, the company posted $0.11 EPS. Equities research analysts forecast that TrustCo Bank Corp NY will post $0.49 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be paid a $0.0656 dividend. This represents a $0.26 annualized dividend and a yield of 3.39%. The ex-dividend date is Wednesday, August 30th. TrustCo Bank Corp NY’s dividend payout ratio is presently 56.52%.

In related news, Director William D. Powers sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $8.00, for a total value of $160,000.00. Following the transaction, the director now owns 90,651 shares of the company’s stock, valued at approximately $725,208. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in TrustCo Bank Corp NY by 0.3% in the second quarter. BlackRock Inc. now owns 11,714,992 shares of the bank’s stock valued at $90,792,000 after buying an additional 40,466 shares in the last quarter. Dimensional Fund Advisors LP increased its position in TrustCo Bank Corp NY by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,437,559 shares of the bank’s stock valued at $42,141,000 after buying an additional 247,305 shares in the last quarter. Vanguard Group Inc. increased its position in TrustCo Bank Corp NY by 0.4% in the second quarter. Vanguard Group Inc. now owns 5,207,992 shares of the bank’s stock valued at $40,362,000 after buying an additional 22,345 shares in the last quarter. State Street Corp increased its position in TrustCo Bank Corp NY by 2.8% in the second quarter. State Street Corp now owns 2,282,320 shares of the bank’s stock valued at $17,691,000 after buying an additional 62,351 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in TrustCo Bank Corp NY by 11.9% in the first quarter. Bank of New York Mellon Corp now owns 1,452,245 shares of the bank’s stock valued at $11,399,000 after buying an additional 154,057 shares in the last quarter. 57.17% of the stock is currently owned by institutional investors.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a savings and loan holding company. The Company’s principal subsidiary is Trustco Bank (the Bank). The Bank is a federal savings bank engaged in providing general banking services to individuals, partnerships and corporations. It operates through community banking segment. The Bank’s business consists of accepting deposits and making loans and investments.

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