TrustCo Bank Corp NY (NASDAQ:TRST) Increases Dividend to $0.40 Per Share

Key Points

• TrustCo Bank raised its quarterly dividend by 5.3%, from $0.38 to $0.40 per share. Shareholders of record on September 4 will receive the payment on October 1, representing an annualized yield of approximately 2.8%.
• TrustCo reported quarterly earnings of $0.98 per share on revenue of $51.5 million, with a 22.76% net margin and 9.62% return on equity.
• The stock opened at $57.34, near its 52-week high of $58.97, and carries a “Buy” consensus rating from the one analyst tracked by MarketBeat.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) announced a quarterly dividend on Tuesday, August 18th. Investors of record on Friday, September 4th will be given a dividend of 0.40 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, September 4th. This is a 5.3% increase from TrustCo Bank Corp NY's previous quarterly dividend of $0.38.

TrustCo Bank Corp NY has increased its dividend by an average of 0.0%annually over the last three years.

TrustCo Bank Corp NY Price Performance

Shares of NASDAQ TRST opened at $57.34 on Wednesday. The firm has a market cap of $976.39 million, a price-to-earnings ratio of 15.93 and a beta of 0.62. The stock's fifty day moving average price is $55.22 and its two-hundred day moving average price is $49.52. TrustCo Bank Corp NY has a one year low of $34.31 and a one year high of $58.97.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $0.98 EPS for the quarter. TrustCo Bank Corp NY had a net margin of 22.76% and a return on equity of 9.62%. The business had revenue of $51.50 million for the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b)" rating on shares of TrustCo Bank Corp NY in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy".

TrustCo Bank Corp NY Company Profile

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.

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