Piper Sandler Lowers TrustCo Bank Corp NY (NASDAQ:TRST) to Underweight

TrustCo Bank Corp NY (NASDAQ:TRST – Get Rating) was downgraded by analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

Separately, StockNews.com downgraded shares of TrustCo Bank Corp NY from a “buy” rating to a “hold” rating in a research report on Saturday, November 19th.

TrustCo Bank Corp NY Trading Up 1.5 %

NASDAQ:TRST opened at $37.35 on Wednesday. TrustCo Bank Corp NY has a 12 month low of $29.50 and a 12 month high of $39.36. The company has a market cap of $711.52 million, a PE ratio of 10.15 and a beta of 0.93. The company has a 50 day simple moving average of $37.97 and a two-hundred day simple moving average of $35.33.

TrustCo Bank Corp NY (NASDAQ:TRST – Get Rating) last posted its earnings results on Tuesday, January 24th. The bank reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.11. TrustCo Bank Corp NY had a net margin of 36.55% and a return on equity of 12.70%. The business had revenue of $56.86 million during the quarter, compared to the consensus estimate of $52.32 million. Research analysts forecast that TrustCo Bank Corp NY will post 3.9 earnings per share for the current year.

Insider Activity

In other news, Director Kimberly Adams Russell bought 1,100 shares of the stock in a transaction that occurred on Tuesday, December 6th. The shares were bought at an average price of $37.88 per share, for a total transaction of $41,668.00. Following the purchase, the director now owns 4,700 shares in the company, valued at $178,036. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in TrustCo Bank Corp NY by 1.2% in the 1st quarter. BlackRock Inc. now owns 2,836,175 shares of the bank’s stock worth $90,558,000 after purchasing an additional 32,718 shares in the last quarter. Vanguard Group Inc. lifted its stake in TrustCo Bank Corp NY by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 1,352,121 shares of the bank’s stock worth $43,173,000 after purchasing an additional 50,079 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in TrustCo Bank Corp NY by 4.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,042,983 shares of the bank’s stock worth $32,770,000 after purchasing an additional 47,053 shares in the last quarter. Systematic Financial Management LP lifted its stake in TrustCo Bank Corp NY by 1.4% in the 3rd quarter. Systematic Financial Management LP now owns 812,718 shares of the bank’s stock worth $25,536,000 after purchasing an additional 11,345 shares in the last quarter. Finally, State Street Corp lifted its stake in TrustCo Bank Corp NY by 3.2% in the 3rd quarter. State Street Corp now owns 744,227 shares of the bank’s stock worth $23,643,000 after purchasing an additional 22,747 shares in the last quarter. Hedge funds and other institutional investors own 65.30% 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.