TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Down – Time to Sell?

TrustCo Bank Corp NY (NASDAQ:TRST) shares gapped down before the market opened on Wednesday . The stock had previously closed at $33.07, but opened at $32.27. TrustCo Bank Corp NY shares last traded at $32.32, with a volume of 677 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a research note on Monday, June 17th.

TrustCo Bank Corp NY Stock Performance

The company has a market cap of $605.66 million, a price-to-earnings ratio of 11.42 and a beta of 0.82. The business’s 50 day simple moving average is $33.41 and its 200-day simple moving average is $29.94.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.13. TrustCo Bank Corp NY had a return on equity of 7.65% and a net margin of 19.22%. The business had revenue of $66.24 million during the quarter, compared to analyst estimates of $40.94 million. During the same period in the previous year, the company earned $0.86 EPS.

TrustCo Bank Corp NY Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend was Friday, September 6th. TrustCo Bank Corp NY’s payout ratio is 51.61%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its stake in TrustCo Bank Corp NY by 26.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,794 shares of the bank’s stock valued at $51,000 after buying an additional 378 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of TrustCo Bank Corp NY by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,556 shares of the bank’s stock worth $354,000 after purchasing an additional 662 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of TrustCo Bank Corp NY by 5.0% during the 2nd quarter. Renaissance Technologies LLC now owns 19,486 shares of the bank’s stock worth $561,000 after purchasing an additional 927 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in TrustCo Bank Corp NY by 12.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,903 shares of the bank’s stock valued at $307,000 after purchasing an additional 1,068 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in shares of TrustCo Bank Corp NY by 6.1% during the second quarter. Public Sector Pension Investment Board now owns 41,878 shares of the bank’s stock worth $1,205,000 after buying an additional 2,393 shares during the last quarter. 68.57% of the stock is owned by institutional investors.

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.