TrustCo Bank Corp NY (NASDAQ:TRST) Issues Quarterly Earnings Results, Beats Expectations By $0.11 EPS

TrustCo Bank Corp NY (NASDAQ:TRST – Get Rating) released its quarterly earnings results on Monday. The bank reported $1.10 EPS for the quarter, beating the consensus estimate of $0.99 by $0.11, MarketWatch Earnings reports. The company had revenue of $56.86 million for the quarter, compared to analyst estimates of $52.32 million. TrustCo Bank Corp NY had a net margin of 36.13% and a return on equity of 11.87%.

TrustCo Bank Corp NY Stock Up 1.5 %

Shares of NASDAQ TRST traded up $0.56 during trading on Tuesday, hitting $37.35. The company had a trading volume of 63,302 shares, compared to its average volume of 72,220. The stock has a fifty day simple moving average of $37.98 and a two-hundred day simple moving average of $35.29. TrustCo Bank Corp NY has a fifty-two week low of $29.50 and a fifty-two week high of $39.36. The firm has a market capitalization of $711.59 million, a price-to-earnings ratio of 10.00 and a beta of 0.93.

TrustCo Bank Corp NY Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Friday, December 2nd were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Thursday, December 1st. This is a positive change from TrustCo Bank Corp NY’s previous quarterly dividend of $0.35. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is currently 39.13%.

Insider Activity

In related news, Director Kimberly Adams Russell bought 1,100 shares of the company’s stock in a transaction dated Tuesday, December 6th. The shares were acquired at an average price of $37.88 per share, for a total transaction of $41,668.00. Following the completion of the transaction, the director now directly owns 4,700 shares in the company, valued at $178,036. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Trading of TrustCo Bank Corp NY

Several institutional investors have recently modified their holdings of TRST. Geneos Wealth Management Inc. acquired a new stake in shares of TrustCo Bank Corp NY in the first quarter valued at about $30,000. Lazard Asset Management LLC purchased a new position in shares of TrustCo Bank Corp NY in the first quarter worth about $34,000. Captrust Financial Advisors lifted its stake in shares of TrustCo Bank Corp NY by 104.4% in the first quarter. Captrust Financial Advisors now owns 1,114 shares of the bank’s stock worth $36,000 after buying an additional 569 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of TrustCo Bank Corp NY in the second quarter worth about $111,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in shares of TrustCo Bank Corp NY in the third quarter worth about $141,000. Institutional investors and hedge funds own 65.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of TrustCo Bank Corp NY from a “buy” rating to a “hold” rating in a research report on Saturday, November 19th.

About TrustCo Bank Corp NY

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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, partnerships, and corporations. 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.