TrustCo Bank Corp NY (NASDAQ:TRST) Posts Quarterly Earnings Results

Key Points

• TrustCo Bank Corp NY reported $0.86 earnings per share for the recent quarter, with a return on equity of 7.85% and a net margin of 19.84%.
• The company announced a quarterly dividend increase to $0.38, resulting in an annualized dividend of $1.52 and a dividend yield of 4.2%.
• TrustCo Bank's stock has seen recent interest from institutional investors, with 68.57% of shares owned by hedge funds and other institutional entities.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) released its quarterly earnings data on Tuesday. The bank reported $0.86 earnings per share for the quarter, RTT News reports. TrustCo Bank Corp NY had a return on equity of 7.85% and a net margin of 19.84%.

TrustCo Bank Corp NY Stock Down 0.2%

Shares of TrustCo Bank Corp NY stock traded down $0.08 on Tuesday, reaching $36.21. The stock had a trading volume of 67,337 shares, compared to its average volume of 96,428. The stock has a market capitalization of $682.59 million, a P/E ratio of 12.89 and a beta of 0.66. The company has a 50 day moving average price of $37.61 and a 200 day moving average price of $33.96. TrustCo Bank Corp NY has a 1 year low of $27.18 and a 1 year high of $40.96.

TrustCo Bank Corp NY Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th were issued a $0.38 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.2%. This is an increase from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. TrustCo Bank Corp NY's dividend payout ratio (DPR) is 54.09%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Institutional investors and hedge funds have recently bought and sold shares of the company. Bridgeway Capital Management LLC increased its position in shares of TrustCo Bank Corp NY by 4.6% during the second quarter. Bridgeway Capital Management LLC now owns 116,453 shares of the bank's stock worth $3,892,000 after purchasing an additional 5,151 shares in the last quarter. Public Sector Pension Investment Board grew its stake in TrustCo Bank Corp NY by 8.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 86,453 shares of the bank's stock worth $2,889,000 after buying an additional 6,681 shares during the last quarter. Gabelli Funds LLC increased its position in TrustCo Bank Corp NY by 0.6% during the 2nd quarter. Gabelli Funds LLC now owns 75,730 shares of the bank's stock valued at $2,531,000 after buying an additional 425 shares in the last quarter. Intech Investment Management LLC raised its stake in TrustCo Bank Corp NY by 374.2% in the first quarter. Intech Investment Management LLC now owns 52,640 shares of the bank's stock valued at $1,604,000 after buying an additional 41,540 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in TrustCo Bank Corp NY by 61.1% in the second quarter. Bank of America Corp DE now owns 44,992 shares of the bank's stock worth $1,504,000 after acquiring an additional 17,068 shares in the last quarter. 68.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of TrustCo Bank Corp NY in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy".

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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