TrustCo Bank Corp NY (TRST) Short Interest Up 43.3% in November

TrustCo Bank Corp NY (NASDAQ:TRST) was the target of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 1,362,466 shares, a growth of 43.3% from the October 31st total of 950,655 shares. Based on an average daily trading volume, of 282,007 shares, the days-to-cover ratio is currently 4.8 days. Currently, 1.5% of the shares of the company are sold short.

A number of research firms have issued reports on TRST. BidaskClub downgraded TrustCo Bank Corp NY from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Canaccord Genuity reissued a “speculative buy” rating and issued a $7.25 target price on shares of TrustCo Bank Corp NY in a research report on Wednesday, October 18th.

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) opened at $9.30 on Monday. TrustCo Bank Corp NY has a 52-week low of $7.25 and a 52-week high of $9.70. The stock has a market capitalization of $893.75, a price-to-earnings ratio of 19.38 and a beta of 1.18.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its earnings results on Monday, October 23rd. The bank reported $0.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.01. TrustCo Bank Corp NY had a return on equity of 10.51% and a net margin of 25.16%. The business had revenue of $44.03 million during the quarter. During the same period in the prior year, the business earned $0.11 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be issued a $65625.00 dividend. This is a positive change from TrustCo Bank Corp NY’s previous quarterly dividend of $0.07. This represents a $262,500.00 dividend on an annualized basis and a dividend yield of 2,822,580.65%. The ex-dividend date is Thursday, November 30th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 53.06%.

Several institutional investors have recently bought and sold shares of TRST. BlackRock Inc. boosted its holdings in shares of TrustCo Bank Corp NY by 42,492.2% in the first quarter. BlackRock Inc. now owns 11,674,526 shares of the bank’s stock worth $91,644,000 after acquiring an additional 11,647,116 shares during the period. Vanguard Group Inc. boosted its holdings in shares of TrustCo Bank Corp NY by 5.9% in the first quarter. Vanguard Group Inc. now owns 5,185,647 shares of the bank’s stock worth $40,708,000 after acquiring an additional 291,144 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of 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 worth $42,141,000 after acquiring an additional 247,305 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of TrustCo Bank Corp NY by 36.2% in the third quarter. JPMorgan Chase & Co. now owns 930,437 shares of the bank’s stock worth $8,468,000 after acquiring an additional 247,130 shares during the period. Finally, Systematic Financial Management LP boosted its holdings in shares of TrustCo Bank Corp NY by 27.6% in the third quarter. Systematic Financial Management LP now owns 945,491 shares of the bank’s stock worth $8,415,000 after acquiring an additional 204,471 shares during the period. 58.76% of the stock is owned by hedge funds and other institutional investors.

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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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