TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Up – Should You Buy?

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) gapped up prior to trading on Tuesday . The stock had previously closed at $30.94, but opened at $31.64. TrustCo Bank Corp NY shares last traded at $31.02, with a volume of 19,329 shares traded.

TrustCo Bank Corp NY Price Performance

The firm has a market capitalization of $590.95 million, a PE ratio of 12.08 and a beta of 0.80. The stock’s 50-day moving average price is $32.06 and its 200 day moving average price is $33.45.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings results on Tuesday, January 21st. The bank reported $0.59 earnings per share (EPS) for the quarter. TrustCo Bank Corp NY had a net margin of 18.56% and a return on equity of 7.37%.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.63%. TrustCo Bank Corp NY’s payout ratio is 56.03%.

TrustCo Bank Corp NY declared that its board has initiated a share buyback program on Tuesday, March 18th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of large investors have recently made changes to their positions in TRST. Wilmington Savings Fund Society FSB purchased a new stake in TrustCo Bank Corp NY in the fourth quarter valued at approximately $29,000. Versant Capital Management Inc boosted its stake in shares of TrustCo Bank Corp NY by 263.7% in the fourth quarter. Versant Capital Management Inc now owns 942 shares of the bank’s stock worth $31,000 after buying an additional 683 shares during the last quarter. R Squared Ltd purchased a new position in TrustCo Bank Corp NY during the fourth quarter valued at approximately $91,000. Cubist Systematic Strategies LLC acquired a new position in TrustCo Bank Corp NY in the fourth quarter valued at approximately $93,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of TrustCo Bank Corp NY during the 4th quarter worth approximately $120,000. 68.57% of the stock is owned by hedge funds and other institutional investors.

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.