TrustCo Bank Corp NY’s (TRST) Speculative Buy Rating Reaffirmed at Canaccord Genuity
TrustCo Bank Corp NY (NASDAQ:TRST)‘s stock had its “speculative buy” rating reissued by equities research analysts at Canaccord Genuity in a report issued on Wednesday, StockTargetPrices.com reports. They presently have a $7.25 target price on the bank’s stock. Canaccord Genuity’s price objective would indicate a potential downside of 20.33% from the company’s current price.
Separately, BidaskClub raised shares of TrustCo Bank Corp NY from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th.
Shares of TrustCo Bank Corp NY (TRST) traded up 1.374% during midday trading on Wednesday, reaching $9.225. 201,032 shares of the company were exchanged. The company’s 50-day moving average price is $8.42 and its 200 day moving average price is $7.96. TrustCo Bank Corp NY has a 52-week low of $6.60 and a 52-week high of $9.30. The stock has a market capitalization of $886.53 million, a price-to-earnings ratio of 19.754 and a beta of 1.20.
TrustCo Bank Corp NY (NASDAQ:TRST) last posted its earnings results on Friday, July 21st. The bank reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $43.05 million during the quarter. TrustCo Bank Corp NY had a net margin of 24.58% and a return on equity of 10.24%. During the same period in the previous year, the firm earned $0.11 earnings per share. On average, equities analysts predict that TrustCo Bank Corp NY will post $0.49 earnings per share for the current year.
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In other TrustCo Bank Corp NY news, Director William D. Powers sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $8.00, for a total transaction of $160,000.00. Following the completion of the transaction, the director now directly owns 90,651 shares of the company’s stock, valued at approximately $725,208. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Piedmont Investment Advisors LLC acquired a new position in TrustCo Bank Corp NY during the 2nd quarter valued at about $163,000. Susquehanna International Group LLP acquired a new position in TrustCo Bank Corp NY during the 2nd quarter valued at about $136,000. The Manufacturers Life Insurance Company boosted its stake in TrustCo Bank Corp NY by 1.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,418 shares of the bank’s stock valued at $554,000 after purchasing an additional 739 shares during the period. State Street Corp boosted its stake in TrustCo Bank Corp NY by 2.8% during the 2nd quarter. State Street Corp now owns 2,282,320 shares of the bank’s stock valued at $17,691,000 after purchasing an additional 62,351 shares during the period. Finally, Royal Bank of Canada boosted its stake in TrustCo Bank Corp NY by 15.5% during the 2nd quarter. Royal Bank of Canada now owns 68,310 shares of the bank’s stock valued at $531,000 after purchasing an additional 9,160 shares during the period. 57.78% of the stock is owned by hedge funds and other institutional investors.
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a savings and loan holding company. The Company’s principal subsidiary is Trustco Bank (the Bank). The Bank is a federal savings bank engaged in providing general banking services to individuals, partnerships and corporations. It operates through community banking segment. The Bank’s business consists of accepting deposits and making loans and investments.
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