Short Interest in TrustCo Bank Corp NY (NASDAQ:TRST) Increases By 38.0%

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 316,500 shares, an increase of 38.0% from the March 15th total of 229,400 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average daily volume of 91,300 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Investors Weigh In On TrustCo Bank Corp NY

Hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in shares of TrustCo Bank Corp NY during the fourth quarter worth approximately $29,000. Versant Capital Management Inc lifted its holdings in shares of TrustCo Bank Corp NY by 263.7% during the fourth quarter. Versant Capital Management Inc now owns 942 shares of the bank's stock worth $31,000 after buying an additional 683 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of TrustCo Bank Corp NY by 51.4% in the first quarter. GAMMA Investing LLC now owns 1,744 shares of the bank's stock valued at $53,000 after acquiring an additional 592 shares in the last quarter. R Squared Ltd bought a new position in TrustCo Bank Corp NY during the fourth quarter worth about $91,000. Finally, Cubist Systematic Strategies LLC bought a new position in TrustCo Bank Corp NY during the fourth quarter worth about $93,000. 68.57% of the stock is currently owned by institutional investors and hedge funds.

TrustCo Bank Corp NY Stock Performance

TrustCo Bank Corp NY stock traded up $0.56 during midday trading on Wednesday, reaching $30.40. 132,165 shares of the company's stock were exchanged, compared to its average volume of 86,229. The firm has a market cap of $578.21 million, a price-to-earnings ratio of 11.83 and a beta of 0.71. TrustCo Bank Corp NY has a 52 week low of $26.14 and a 52 week high of $38.89. The stock's 50-day simple moving average is $30.44 and its 200 day simple moving average is $32.82.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.10. TrustCo Bank Corp NY had a return on equity of 7.37% and a net margin of 18.56%. The business had revenue of $45.35 million during the quarter, compared to the consensus estimate of $44.99 million.

TrustCo Bank Corp NY Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were paid a $0.36 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.44 dividend on an annualized basis and a yield of 4.74%. TrustCo Bank Corp NY's dividend payout ratio (DPR) is currently 56.03%.

TrustCo Bank Corp NY declared that its board has authorized a stock buyback plan on Tuesday, March 18th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

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 and businesses. 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.