Zacks Investment Research Downgrades TrustCo Bank Corp NY (NASDAQ:TRST) to Sell

Zacks Investment Research lowered shares of TrustCo Bank Corp NY (NASDAQ:TRST) from a hold rating to a sell rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “TRUSTCO BANK CORP. (NY) is a one bank holding company, engaged through its subsidiary, in general banking. “

NASDAQ:TRST opened at $35.52 on Wednesday. The company has a fifty day moving average of $33.56 and a two-hundred day moving average of $33.18. The stock has a market capitalization of $682.66 million, a PE ratio of 11.57 and a beta of 1.12. TrustCo Bank Corp NY has a fifty-two week low of $29.78 and a fifty-two week high of $41.47.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings data on Wednesday, October 20th. The bank reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.15. The company had revenue of $44.18 million during the quarter, compared to analysts’ expectations of $44.40 million. TrustCo Bank Corp NY had a net margin of 31.63% and a return on equity of 10.26%. During the same period in the prior year, the business posted $0.75 earnings per share. Equities research analysts predict that TrustCo Bank Corp NY will post 3.09 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Stockholders of record on Friday, December 3rd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.94%. This is a boost from TrustCo Bank Corp NY’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, December 2nd. TrustCo Bank Corp NY’s dividend payout ratio is 45.60%.

In other TrustCo Bank Corp NY news, CEO Robert J. Mccormick bought 3,500 shares of TrustCo Bank Corp NY stock in a transaction dated Wednesday, December 15th. The stock was acquired at an average cost of $32.40 per share, for a total transaction of $113,400.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 5,448 shares of company stock valued at $177,889 over the last quarter. Company insiders own 2.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. raised its position in shares of TrustCo Bank Corp NY by 397.6% in the third quarter. Invesco Ltd. now owns 297,121 shares of the bank’s stock valued at $9,499,000 after buying an additional 237,412 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of TrustCo Bank Corp NY by 1.3% in the third quarter. Bank of New York Mellon Corp now owns 268,661 shares of the bank’s stock valued at $8,589,000 after purchasing an additional 3,442 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of TrustCo Bank Corp NY by 4.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 210,829 shares of the bank’s stock valued at $6,740,000 after purchasing an additional 9,010 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of TrustCo Bank Corp NY by 29.9% in the third quarter. Goldman Sachs Group Inc. now owns 197,045 shares of the bank’s stock valued at $6,299,000 after purchasing an additional 45,303 shares during the period. Finally, Thrivent Financial for Lutherans grew its holdings in shares of TrustCo Bank Corp NY by 108.8% in the third quarter. Thrivent Financial for Lutherans now owns 137,772 shares of the bank’s stock valued at $4,404,000 after purchasing an additional 71,775 shares during the period. Institutional investors and hedge funds own 64.39% of the company’s stock.

TrustCo Bank Corp NY Company Profile

TrustCo Bank Corp. NY is a savings and loan holding company, which through its subsidiary, engages in the provision of banking and financial services to individuals, partnerships, and corporations. It offers checking accounts, savings accounts, retirement accounts, time deposits, money market accounts, and credit cards.

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