TrustCo Bank Corp NY (NASDAQ:TRST) Shares Gap Up – Here’s What Happened

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price gapped up before the market opened 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.

TrustCo Bank Corp NY Stock Up 0.3 %

The business has a fifty day moving average of $32.01 and a 200 day moving average of $33.42. The firm has a market cap of $586.96 million, a P/E ratio of 12.01 and a beta of 0.80.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.59 earnings per share 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given 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 4.67%. TrustCo Bank Corp NY’s dividend payout ratio is 56.03%.

TrustCo Bank Corp NY announced that its board has approved a share buyback program on Tuesday, March 18th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of TrustCo Bank Corp NY

Large investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in TrustCo Bank Corp NY in the third quarter valued at approximately $596,000. Charles Schwab Investment Management Inc. lifted its position in TrustCo Bank Corp NY by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 170,371 shares of the bank’s stock valued at $5,634,000 after acquiring an additional 5,454 shares in the last quarter. Cerity Partners LLC boosted its stake in TrustCo Bank Corp NY by 50.0% in the 3rd quarter. Cerity Partners LLC now owns 14,384 shares of the bank’s stock worth $476,000 after purchasing an additional 4,794 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in TrustCo Bank Corp NY during the 3rd quarter worth about $271,000. Finally, FMR LLC increased its holdings in TrustCo Bank Corp NY by 225.6% during the 3rd quarter. FMR LLC now owns 7,189 shares of the bank’s stock worth $238,000 after purchasing an additional 4,981 shares in the last quarter. 68.57% of the stock is owned by 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.