TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Down to $27.90

TrustCo Bank Corp NY (NASDAQ:TRST)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $27.90, but opened at $27.14. TrustCo Bank Corp NY shares last traded at $27.29, with a volume of 4,948 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a research report on Tuesday.

TrustCo Bank Corp NY Stock Performance

The firm’s 50-day moving average price is $27.26 and its 200 day moving average price is $28.03. The company has a market cap of $514.68 million, a price-to-earnings ratio of 9.70 and a beta of 0.84.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.14). The firm had revenue of $63.11 million for the quarter, compared to analyst estimates of $44.90 million. TrustCo Bank Corp NY had a net margin of 21.17% and a return on equity of 8.35%. During the same quarter in the prior year, the firm posted $1.10 EPS. As a group, equities research analysts predict that TrustCo Bank Corp NY will post 2.38 EPS for the current fiscal year.

TrustCo Bank Corp NY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 5.32%. The ex-dividend date of this dividend was Thursday, February 29th. TrustCo Bank Corp NY’s dividend payout ratio is currently 51.61%.

Insider Activity at TrustCo Bank Corp NY

In other news, COO Kevin M. Curley acquired 916 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was purchased at an average price of $27.30 per share, for a total transaction of $25,006.80. Following the completion of the acquisition, the chief operating officer now owns 34,766 shares in the company, valued at $949,111.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Eric W. Schreck purchased 1,000 shares of TrustCo Bank Corp NY stock in a transaction dated Thursday, February 1st. The stock was bought at an average price of $28.44 per share, for a total transaction of $28,440.00. Following the completion of the acquisition, the executive vice president now directly owns 41,407 shares of the company’s stock, valued at $1,177,615.08. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Kevin M. Curley purchased 916 shares of TrustCo Bank Corp NY stock in a transaction dated Tuesday, February 13th. The stock was bought at an average price of $27.30 per share, with a total value of $25,006.80. Following the acquisition, the chief operating officer now directly owns 34,766 shares of the company’s stock, valued at $949,111.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 2,879 shares of company stock worth $80,023. 3.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. boosted its holdings in shares of TrustCo Bank Corp NY by 911.9% in the third quarter. Assenagon Asset Management S.A. now owns 110,749 shares of the bank’s stock valued at $3,022,000 after buying an additional 99,804 shares during the period. Swiss National Bank boosted its holdings in shares of TrustCo Bank Corp NY by 1.7% in the third quarter. Swiss National Bank now owns 41,820 shares of the bank’s stock valued at $1,141,000 after buying an additional 700 shares during the period. Nisa Investment Advisors LLC boosted its holdings in TrustCo Bank Corp NY by 39,333.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,915 shares of the bank’s stock worth $184,000 after purchasing an additional 5,900 shares during the last quarter. AQR Capital Management LLC boosted its holdings in TrustCo Bank Corp NY by 19.5% during the third quarter. AQR Capital Management LLC now owns 192,719 shares of the bank’s stock worth $5,259,000 after purchasing an additional 31,483 shares during the last quarter. Finally, Trexquant Investment LP boosted its holdings in TrustCo Bank Corp NY by 33.8% during the third quarter. Trexquant Investment LP now owns 34,893 shares of the bank’s stock worth $952,000 after purchasing an additional 8,821 shares during the last quarter. Institutional investors and hedge funds own 68.57% of the company’s stock.

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.