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

TrustCo Bank Corp NY (NASDAQ:TRST)’s stock 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 trading hands.

TrustCo Bank Corp NY Stock Performance

The company has a market capitalization of $590.95 million, a PE ratio of 12.08 and a beta of 0.80. The company’s fifty day moving average is $32.06 and its 200-day moving average 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 for the quarter. TrustCo Bank Corp NY had a return on equity of 7.37% and a net margin of 18.56%.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be paid a $0.36 dividend. 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 currently 56.03%.

TrustCo Bank Corp NY announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 18th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of TrustCo Bank Corp NY during the 3rd quarter worth about $596,000. Charles Schwab Investment Management Inc. boosted its position in shares of TrustCo Bank Corp NY by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 170,371 shares of the bank’s stock valued at $5,634,000 after buying an additional 5,454 shares during the period. Cerity Partners LLC grew its stake in shares of TrustCo Bank Corp NY by 50.0% during the third quarter. Cerity Partners LLC now owns 14,384 shares of the bank’s stock valued at $476,000 after buying an additional 4,794 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of TrustCo Bank Corp NY in the third quarter worth approximately $271,000. Finally, FMR LLC lifted its stake in shares of 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 acquiring an additional 4,981 shares during the last quarter. Institutional investors 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.