TrustCo Bank Corp NY (NASDAQ:TRST) Announces Earnings Results, Beats Expectations By $0.05 EPS

TrustCo Bank Corp NY (NASDAQ:TRST) posted its quarterly earnings data on Wednesday. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.05, Zacks reports. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.The business had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $48.69 million. During the same quarter last year, the firm earned $0.59 earnings per share.

TrustCo Bank Corp NY Stock Performance

NASDAQ:TRST opened at $42.95 on Friday. TrustCo Bank Corp NY has a one year low of $27.18 and a one year high of $48.45. The business’s 50-day simple moving average is $42.54 and its 200 day simple moving average is $38.87. The stock has a market cap of $791.05 million, a price-to-earnings ratio of 13.21 and a beta of 0.63.

TrustCo Bank Corp NY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 5th were issued a $0.38 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. TrustCo Bank Corp NY’s payout ratio is currently 46.77%.

TrustCo Bank Corp NY announced that its Board of Directors has initiated a share buyback program on Friday, December 19th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 0.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TRST. First Trust Advisors LP grew its holdings in shares of TrustCo Bank Corp NY by 295.2% during the third quarter. First Trust Advisors LP now owns 71,557 shares of the bank’s stock valued at $2,598,000 after purchasing an additional 53,452 shares during the last quarter. Invesco Ltd. grew its stake in TrustCo Bank Corp NY by 25.0% during the 3rd quarter. Invesco Ltd. now owns 230,528 shares of the bank’s stock worth $8,368,000 after buying an additional 46,103 shares during the last quarter. Intech Investment Management LLC increased its position in TrustCo Bank Corp NY by 374.2% in the first quarter. Intech Investment Management LLC now owns 52,640 shares of the bank’s stock worth $1,604,000 after buying an additional 41,540 shares during the period. Two Sigma Investments LP increased its position in TrustCo Bank Corp NY by 55.4% in the third quarter. Two Sigma Investments LP now owns 115,107 shares of the bank’s stock worth $4,178,000 after buying an additional 41,051 shares during the period. Finally, Jane Street Group LLC bought a new stake in TrustCo Bank Corp NY in the first quarter valued at $560,000. 68.57% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, TrustCo Bank Corp NY has an average rating of “Buy”.

TrustCo Bank Corp NY Company Profile

TrustCo Bank Corp. NY (NASDAQ: TRST) is a bank holding company headquartered in Glens Falls, New York, that provides a full suite of community banking and financial services primarily across upstate New York and western Massachusetts. Through its wholly owned subsidiary, Trustco Bank, the company offers deposit products such as checking and savings accounts, as well as consumer, residential mortgage, and commercial lending solutions. Additional services include wealth management, trust administration, and insurance products tailored to the needs of individuals, businesses and nonprofit organizations.

Founded in 1902 as the Glens Falls Trust Company, TrustCo Bank has grown steadily through organic branch expansion and acquisitions of locally based banks.