BidaskClub Downgrades TrustCo Bank Corp NY (NASDAQ:TRST) to Hold

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BidaskClub downgraded shares of TrustCo Bank Corp NY (NASDAQ:TRST) from a buy rating to a hold rating in a research report report published on Tuesday, BidAskClub reports.

Separately, GMP Securities reissued a hold rating and set a $6.00 target price on shares of TrustCo Bank Corp NY in a research note on Thursday, July 11th.

NASDAQ TRST traded down $0.05 on Tuesday, hitting $8.12. 16,221 shares of the company were exchanged, compared to its average volume of 274,476. The company has a market cap of $778.19 million, a PE ratio of 12.75 and a beta of 1.10. TrustCo Bank Corp NY has a 12 month low of $6.51 and a 12 month high of $8.64. The stock has a fifty day moving average of $8.00 and a 200-day moving average of $7.86. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.11.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its earnings results on Monday, July 22nd. The bank reported $0.15 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.15. The business had revenue of $44.11 million for the quarter. TrustCo Bank Corp NY had a net margin of 29.19% and a return on equity of 12.19%.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were paid a dividend of $0.068 per share. This represents a $0.27 annualized dividend and a yield of 3.35%. The ex-dividend date was Thursday, September 5th.

In related news, Director Anthony J. Md Phd Marinello bought 5,072 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were acquired at an average cost of $7.60 per share, with a total value of $38,547.20. Following the completion of the purchase, the director now directly owns 91,161 shares in the company, valued at $692,823.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 7,400 shares of company stock worth $57,422. 2.64% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC bought a new position in shares of TrustCo Bank Corp NY in the second quarter valued at $35,000. Cubist Systematic Strategies LLC lifted its stake in shares of TrustCo Bank Corp NY by 39.2% in the second quarter. Cubist Systematic Strategies LLC now owns 14,024 shares of the bank’s stock valued at $111,000 after buying an additional 3,946 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of TrustCo Bank Corp NY in the second quarter valued at $125,000. Cornell Pochily Investment Advisors Inc. bought a new position in shares of TrustCo Bank Corp NY in the second quarter valued at $143,000. Finally, Laurion Capital Management LP lifted its stake in shares of TrustCo Bank Corp NY by 40.2% in the second quarter. Laurion Capital Management LP now owns 19,438 shares of the bank’s stock valued at $154,000 after buying an additional 5,577 shares in the last quarter. 63.51% of the stock is currently owned by hedge funds and other institutional investors.

About TrustCo Bank Corp NY

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 is primarily involved in accepting deposits, and making 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.

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