TrustCo Bank Corp NY (TRST) Downgraded by BidaskClub

BidaskClub cut shares of TrustCo Bank Corp NY (NASDAQ:TRST) from a buy rating to a hold rating in a report published on Thursday.

Separately, Canaccord Genuity upped their price target on TrustCo Bank Corp NY from $7.25 to $9.50 in a research report on Monday, December 4th.

TrustCo Bank Corp NY (TRST) traded down $0.05 during trading hours on Thursday, reaching $9.05. The company had a trading volume of 423,360 shares, compared to its average volume of 358,576. The firm has a market capitalization of $869.78, a price-to-earnings ratio of 18.85 and a beta of 1.19. TrustCo Bank Corp NY has a 52-week low of $7.25 and a 52-week high of $9.70.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings results on Monday, October 23rd. The bank reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. The firm had revenue of $44.03 million for the quarter. TrustCo Bank Corp NY had a return on equity of 10.51% and a net margin of 25.16%. During the same period in the previous year, the firm posted $0.11 earnings per share.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 1st will be given 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 annualized dividend and a yield of 2,900,552.49%. The ex-dividend date of this dividend is Thursday, November 30th. TrustCo Bank Corp NY’s dividend payout ratio is presently 54.17%.

In other TrustCo Bank Corp NY news, Director William D. Powers sold 5,000 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $9.52, for a total value of $47,600.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of TRST. Vanguard Group Inc. increased its position in TrustCo Bank Corp NY by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 5,185,647 shares of the bank’s stock worth $40,708,000 after purchasing an additional 291,144 shares during the last quarter. Dimensional Fund Advisors LP increased its position in TrustCo Bank Corp NY by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,437,559 shares of the bank’s stock worth $42,141,000 after purchasing an additional 247,305 shares during the last quarter. JPMorgan Chase & Co. increased its position in TrustCo Bank Corp NY by 36.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 930,437 shares of the bank’s stock worth $8,468,000 after purchasing an additional 247,130 shares during the last quarter. Systematic Financial Management LP increased its position in TrustCo Bank Corp NY by 27.6% in the 3rd quarter. Systematic Financial Management LP now owns 945,491 shares of the bank’s stock worth $8,415,000 after purchasing an additional 204,471 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in TrustCo Bank Corp NY by 18.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 722,942 shares of the bank’s stock worth $5,604,000 after purchasing an additional 115,088 shares during the last quarter. 58.73% of the stock is currently owned by institutional investors.

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TrustCo Bank Corp NY Company Profile

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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