TrustCo Bank Corp NY (NASDAQ:TRST) Issues Earnings Results, Meets Expectations

TrustCo Bank Corp NY (NASDAQ:TRST) announced its quarterly earnings data on Wednesday. The bank reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14, MarketWatch Earnings reports. TrustCo Bank Corp NY had a return on equity of 9.55% and a net margin of 26.28%.

Shares of TRST opened at $7.08 on Friday. The business’s 50-day moving average price is $6.74 and its 200-day moving average price is $6.05. TrustCo Bank Corp NY has a twelve month low of $4.30 and a twelve month high of $8.23. The stock has a market cap of $682.75 million, a PE ratio of 12.87 and a beta of 1.20.

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The business also recently declared a quarterly dividend, which was paid on Monday, January 4th. Stockholders of record on Friday, December 4th were given a dividend of $0.068 per share. This represents a $0.27 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Thursday, December 3rd. TrustCo Bank Corp NY’s dividend payout ratio is presently 45.00%.

In related news, Director Frank B. Silverman purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, November 17th. The shares were purchased at an average cost of $6.21 per share, for a total transaction of $31,050.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $93,150. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert M. Leonard purchased 7,252 shares of the firm’s stock in a transaction dated Friday, November 27th. The shares were bought at an average price of $6.21 per share, for a total transaction of $45,034.92. Following the completion of the transaction, the executive vice president now owns 110,024 shares of the company’s stock, valued at $683,249.04. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 17,285 shares of company stock worth $107,028. Company insiders own 2.69% of the company’s stock.

TRST has been the topic of a number of research reports. Zacks Investment Research upgraded TrustCo Bank Corp NY from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research note on Thursday, December 17th. Piper Sandler lowered their price objective on TrustCo Bank Corp NY from $7.00 to $6.50 and set an “overweight” rating on the stock in a research note on Monday, September 28th. Finally, TheStreet upgraded TrustCo Bank Corp NY from a “c” rating to a “b-” rating in a research note on Friday, November 27th.

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 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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