TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Down – What’s Next?

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price gapped down before the market opened on Monday . The stock had previously closed at $45.56, but opened at $42.71. TrustCo Bank Corp NY shares last traded at $42.7940, with a volume of 2,615 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Down 0.6%

The business has a 50 day moving average price of $42.54 and a 200 day moving average price of $38.92. The stock has a market cap of $785.78 million, a PE ratio of 13.11 and a beta of 0.63.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. The firm had revenue of $48.17 million for the quarter, compared to the consensus estimate of $48.69 million. TrustCo Bank Corp NY had a net margin of 21.96% and a return on equity of 8.86%. During the same period in the prior year, the firm posted $0.59 earnings per share.

TrustCo Bank Corp NY Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were given a $0.38 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 46.77%.

TrustCo Bank Corp NY declared that its Board of Directors has authorized a share buyback plan on Friday, December 19th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 0.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of TrustCo Bank Corp NY by 11.4% in the 4th quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock worth $107,000 after acquiring an additional 264 shares during the last quarter. Gabelli Funds LLC lifted its holdings in TrustCo Bank Corp NY by 0.6% in the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock valued at $2,531,000 after acquiring an additional 425 shares during the last quarter. Hantz Financial Services Inc. increased its stake in TrustCo Bank Corp NY by 108.1% during the third quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $32,000 after acquiring an additional 453 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in TrustCo Bank Corp NY by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock valued at $336,000 after purchasing an additional 468 shares during the period. Finally, SummerHaven Investment Management LLC lifted its stake in shares of TrustCo Bank Corp NY by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 27,365 shares of the bank’s stock valued at $915,000 after purchasing an additional 487 shares during the last quarter. Hedge funds and other institutional investors own 68.57% of the company’s stock.

About TrustCo Bank Corp NY

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.