TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Down to $27.90

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) gapped down before the market opened on Wednesday . The stock had previously closed at $27.90, but opened at $27.14. TrustCo Bank Corp NY shares last traded at $27.29, with a volume of 4,948 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a research report on Tuesday.

TrustCo Bank Corp NY Stock Performance

The stock has a market capitalization of $514.49 million, a P/E ratio of 10.00 and a beta of 0.84. The company’s fifty day simple moving average is $27.30 and its two-hundred day simple moving average is $28.05.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.14). The firm had revenue of $63.11 million during the quarter, compared to analyst estimates of $44.90 million. TrustCo Bank Corp NY had a net margin of 21.17% and a return on equity of 8.41%. During the same period in the prior year, the company earned $1.10 earnings per share. On average, research analysts predict that TrustCo Bank Corp NY will post 2.54 earnings per share for the current fiscal year.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.32%. The ex-dividend date was Thursday, February 29th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 51.61%.

Insider Transactions at TrustCo Bank Corp NY

In related news, COO Kevin M. Curley purchased 916 shares of TrustCo Bank Corp NY stock in a transaction that occurred on Tuesday, February 13th. The shares were acquired at an average price of $27.30 per share, with a total value of $25,006.80. Following the completion of the transaction, the chief operating officer now directly owns 34,766 shares of the company’s stock, valued at approximately $949,111.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Eric W. Schreck bought 1,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were purchased at an average cost of $28.44 per share, with a total value of $28,440.00. Following the acquisition, the executive vice president now directly owns 41,407 shares in the company, valued at $1,177,615.08. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Kevin M. Curley bought 916 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was purchased at an average price of $27.30 per share, with a total value of $25,006.80. Following the completion of the transaction, the chief operating officer now directly owns 34,766 shares in the company, valued at approximately $949,111.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 2,879 shares of company stock valued at $80,023. 3.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in shares of TrustCo Bank Corp NY in the 4th quarter valued at $28,000. Quest Partners LLC acquired a new position in TrustCo Bank Corp NY during the fourth quarter worth about $144,000. Nisa Investment Advisors LLC boosted its stake in shares of TrustCo Bank Corp NY by 39,333.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,915 shares of the bank’s stock valued at $184,000 after purchasing an additional 5,900 shares in the last quarter. Maryland State Retirement & Pension System acquired a new stake in shares of TrustCo Bank Corp NY in the 4th quarter valued at approximately $218,000. Finally, New York State Common Retirement Fund grew its holdings in shares of TrustCo Bank Corp NY by 14.3% during the 4th quarter. New York State Common Retirement Fund now owns 7,295 shares of the bank’s stock valued at $227,000 after purchasing an additional 910 shares during the last quarter. 68.57% of the stock is owned by institutional investors.

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 and businesses. The company accepts deposits; and offers 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.