TrustCo Bank Corp NY (NASDAQ:TRST) Downgraded by StockNews.com to “Hold”

TrustCo Bank Corp NY (NASDAQ:TRSTGet Rating) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Separately, TheStreet raised shares of TrustCo Bank Corp NY from a “c+” rating to a “b-” rating in a report on Thursday, July 28th.

TrustCo Bank Corp NY Trading Up 1.0 %

Shares of TrustCo Bank Corp NY stock opened at $33.91 on Tuesday. The firm has a market cap of $650.97 million, a P/E ratio of 9.58 and a beta of 0.95. The stock’s fifty day moving average price is $31.31 and its 200-day moving average price is $32.25. TrustCo Bank Corp NY has a 12 month low of $29.50 and a 12 month high of $37.10.

TrustCo Bank Corp NY (NASDAQ:TRSTGet Rating) last posted its quarterly earnings results on Thursday, July 21st. The bank reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.16. TrustCo Bank Corp NY had a net margin of 36.18% and a return on equity of 11.44%. The business had revenue of $47.98 million during the quarter, compared to analysts’ expectations of $45.87 million. During the same quarter last year, the company posted $0.75 earnings per share. Analysts forecast that TrustCo Bank Corp NY will post 3.6 earnings per share for the current year.

Insider Transactions at TrustCo Bank Corp NY

In related news, CEO Robert J. Mccormick purchased 1,800 shares of TrustCo Bank Corp NY stock in a transaction dated Wednesday, July 27th. The shares were acquired at an average cost of $32.90 per share, with a total value of $59,220.00. Following the purchase, the chief executive officer now owns 246,452 shares of the company’s stock, valued at $8,108,270.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other TrustCo Bank Corp NY news, EVP Robert M. Leonard purchased 850 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was acquired at an average price of $32.68 per share, for a total transaction of $27,778.00. Following the completion of the purchase, the executive vice president now directly owns 26,043 shares in the company, valued at approximately $851,085.24. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Mccormick acquired 1,800 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were bought at an average cost of $32.90 per share, for a total transaction of $59,220.00. Following the transaction, the chief executive officer now directly owns 246,452 shares of the company’s stock, valued at approximately $8,108,270.80. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 3,230 shares of company stock worth $104,456. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of hedge funds have recently bought and sold shares of TRST. Ancora Advisors LLC raised its position in shares of TrustCo Bank Corp NY by 499.0% during the 1st quarter. Ancora Advisors LLC now owns 131,314 shares of the bank’s stock worth $968,000 after acquiring an additional 109,391 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of TrustCo Bank Corp NY during the fourth quarter worth about $2,900,000. Systematic Financial Management LP grew its position in shares of TrustCo Bank Corp NY by 10.0% during the first quarter. Systematic Financial Management LP now owns 753,274 shares of the bank’s stock worth $24,052,000 after acquiring an additional 68,324 shares during the last quarter. Invesco Ltd. increased its stake in TrustCo Bank Corp NY by 17.5% in the fourth quarter. Invesco Ltd. now owns 349,214 shares of the bank’s stock valued at $11,633,000 after purchasing an additional 52,093 shares during the period. Finally, Vanguard Group Inc. raised its stake in TrustCo Bank Corp NY by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 1,352,121 shares of the bank’s stock valued at $43,173,000 after acquiring an additional 50,079 shares during the last quarter. Institutional investors and hedge funds own 64.08% of the company’s stock.

TrustCo Bank Corp NY Company Profile

(Get Rating)

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, partnerships, and corporations. 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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