TrustCo Bank Corp NY (NASDAQ:TRST) Earns Buy (B) Rating from Weiss Ratings

Key Points

• TrustCo Bank Corp NY has received a "buy (B)" rating from Weiss Ratings, indicating positive analyst sentiment regarding the stock's potential.
• The company's stock price increased by 2.4% to $36.36, reflecting strong trading activity with a market capitalization of approximately $685.39 million.
• TrustCo Bank reported earnings per share of $0.79, exceeding analysts' expectations of $0.69, indicating solid financial performance in its latest quarterly results.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s stock had its "buy (b)" rating restated by stock analysts at Weiss Ratings in a research report issued on Tuesday,Weiss Ratings reports.

TrustCo Bank Corp NY Trading Up 2.4%

Shares of NASDAQ TRST traded up $0.85 during trading on Tuesday, reaching $36.36. The company had a trading volume of 9,945 shares, compared to its average volume of 96,493. TrustCo Bank Corp NY has a twelve month low of $27.18 and a twelve month high of $40.96. The stock has a market capitalization of $685.39 million, a PE ratio of 12.94 and a beta of 0.66. The stock has a 50-day moving average price of $37.34 and a two-hundred day moving average price of $33.74.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The bank reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.10. TrustCo Bank Corp NY had a return on equity of 7.85% and a net margin of 19.84%.The company had revenue of $46.60 million during the quarter, compared to analysts' expectations of $46.16 million.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of institutional investors have recently added to or reduced their stakes in TRST. EverSource Wealth Advisors LLC grew its position in TrustCo Bank Corp NY by 2,435.5% during the second quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank's stock valued at $26,000 after acquiring an additional 755 shares during the period. GAMMA Investing LLC grew its position in TrustCo Bank Corp NY by 51.4% during 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 during the period. Cubist Systematic Strategies LLC grew its position in TrustCo Bank Corp NY by 49.2% during the first quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank's stock valued at $128,000 after acquiring an additional 1,380 shares during the period. Cetera Investment Advisers purchased a new stake in TrustCo Bank Corp NY during the first quarter valued at about $232,000. Finally, CWM LLC grew its position in TrustCo Bank Corp NY by 23.3% during the first quarter. CWM LLC now owns 7,626 shares of the bank's stock valued at $232,000 after acquiring an additional 1,440 shares during the period. Hedge funds and other institutional investors own 68.57% of the company's stock.

TrustCo Bank Corp NY Company Profile

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.

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