TrustCo Bank Corp NY (NASDAQ:TRST) Declares $0.36 Quarterly Dividend

TrustCo Bank Corp NY (NASDAQ:TRST) declared a quarterly dividend on Tuesday, May 21st, Zacks reports. Shareholders of record on Friday, June 7th will be given a dividend of 0.36 per share by the bank on Monday, July 1st. This represents a $1.44 annualized dividend and a dividend yield of 5.01%. The ex-dividend date of this dividend is Friday, June 7th.

TrustCo Bank Corp NY has raised its dividend payment by an average of 1.9% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. TrustCo Bank Corp NY has a payout ratio of 49.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect TrustCo Bank Corp NY to earn $2.92 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 49.3%.

TrustCo Bank Corp NY Stock Performance

NASDAQ TRST opened at $28.76 on Thursday. The stock has a market capitalization of $547.02 million, a P/E ratio of 10.31 and a beta of 0.84. TrustCo Bank Corp NY has a 1 year low of $23.78 and a 1 year high of $32.10. The business’s fifty day moving average is $27.48 and its two-hundred day moving average is $28.29.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings results on Monday, April 22nd. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.04. The company had revenue of $41.42 million for the quarter, compared to analysts’ expectations of $43.16 million. TrustCo Bank Corp NY had a return on equity of 8.35% and a net margin of 21.17%. On average, research analysts forecast that TrustCo Bank Corp NY will post 2.38 earnings per share for the current year.

Analyst Ratings Changes

Separately, StockNews.com cut TrustCo Bank Corp NY from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st.

TrustCo Bank Corp NY Company Profile

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.