TrustCo Bank Corp NY (NASDAQ:TRST) Releases Earnings Results

TrustCo Bank Corp NY (NASDAQ:TRST) posted its quarterly earnings results on Tuesday. The bank reported $0.98 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $51.50 million for the quarter. TrustCo Bank Corp NY had a net margin of 22.76% and a return on equity of 9.53%.

TrustCo Bank Corp NY Trading Up 0.4%

Shares of TRST stock opened at $55.94 on Thursday. TrustCo Bank Corp NY has a twelve month low of $32.62 and a twelve month high of $56.67. The company’s 50-day moving average price is $53.05 and its 200-day moving average price is $47.64. The stock has a market cap of $977.83 million, a price-to-earnings ratio of 15.54 and a beta of 0.62.

TrustCo Bank Corp NY Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.7%. TrustCo Bank Corp NY’s payout ratio is presently 42.22%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of TrustCo Bank Corp NY by 11.4% during the 4th quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock worth $107,000 after buying an additional 264 shares during the last quarter. DUTCH ASSET Corp lifted its position in TrustCo Bank Corp NY by 5.9% in the first quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank’s stock valued at $241,000 after acquiring an additional 304 shares during the last quarter. Gabelli Funds LLC boosted its stake in TrustCo Bank Corp NY by 0.6% in the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock valued at $2,531,000 after acquiring an additional 425 shares in the last quarter. Retirement Planning Group LLC NY increased its position in shares of TrustCo Bank Corp NY by 9.2% during the first quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank’s stock worth $243,000 after purchasing an additional 463 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in TrustCo Bank Corp NY by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock worth $336,000 after buying an additional 468 shares during the last quarter. 68.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of TrustCo Bank Corp NY in a report on Monday, June 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, 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.