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

TrustCo Bank Corp NY (NASDAQ:TRST) posted its earnings results on Wednesday. The bank reported $0.85 earnings per share for the quarter, Zacks reports. TrustCo Bank Corp NY had a net margin of 20.74% and a return on equity of 8.27%.

TrustCo Bank Corp NY Trading Up 6.5%

TrustCo Bank Corp NY stock traded up $2.79 during trading on Wednesday, hitting $45.53. 127,734 shares of the company were exchanged, compared to its average volume of 81,637. The company has a market capitalization of $838.66 million, a P/E ratio of 15.23 and a beta of 0.63. The business’s 50 day moving average is $42.25 and its 200 day moving average is $38.72. TrustCo Bank Corp NY has a 52 week low of $27.18 and a 52 week high of $45.55.

TrustCo Bank Corp NY Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.3%. TrustCo Bank Corp NY’s payout ratio is presently 50.84%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Several hedge funds have recently modified their holdings of TRST. First Trust Advisors LP boosted its holdings in shares of TrustCo Bank Corp NY by 295.2% in the third quarter. First Trust Advisors LP now owns 71,557 shares of the bank’s stock worth $2,598,000 after acquiring an additional 53,452 shares during the period. Invesco Ltd. increased its holdings in shares of TrustCo Bank Corp NY by 25.0% in 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 stake 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 valued at $1,604,000 after acquiring an additional 41,540 shares during the last quarter. Two Sigma Investments LP raised its holdings in shares of TrustCo Bank Corp NY by 55.4% during the 3rd quarter. Two Sigma Investments LP now owns 115,107 shares of the bank’s stock valued at $4,178,000 after buying an additional 41,051 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of TrustCo Bank Corp NY during the first quarter worth approximately $560,000. Institutional investors own 68.57% of the company’s stock.

Wall Street Analyst Weigh In

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

TrustCo Bank Corp NY declared that its board has authorized a share buyback plan on Friday, December 19th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 0.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

About TrustCo Bank Corp NY

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.