Canaccord Genuity Reaffirms Speculative Buy Rating for TrustCo Bank Corp NY (NASDAQ:TRST)

TrustCo Bank Corp NY (NASDAQ:TRST)‘s stock had its “speculative buy” rating restated by analysts at Canaccord Genuity in a research note issued to investors on Wednesday, October 18th, StockTargetPrices.com reports. They presently have a $7.25 price target on the bank’s stock. Canaccord Genuity’s price objective indicates a potential downside of 22.04% from the company’s previous close.

Separately, BidaskClub raised TrustCo Bank Corp NY from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th.

TrustCo Bank Corp NY (NASDAQ:TRST) opened at $9.30 on Wednesday. The company has a market capitalization of $860.17, a price-to-earnings ratio of 18.65 and a beta of 1.20. TrustCo Bank Corp NY has a 12 month low of $6.60 and a 12 month high of $9.30.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The company had revenue of $44.03 million during the quarter. TrustCo Bank Corp NY had a return on equity of 10.51% and a net margin of 25.16%. During the same quarter in the prior year, the company earned $0.11 earnings per share.

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A number of institutional investors and hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System boosted its holdings in TrustCo Bank Corp NY by 0.3% in the second quarter. Louisiana State Employees Retirement System now owns 39,100 shares of the bank’s stock valued at $303,000 after purchasing an additional 100 shares during the last quarter. Arizona State Retirement System boosted its holdings in TrustCo Bank Corp NY by 0.4% in the second quarter. Arizona State Retirement System now owns 50,106 shares of the bank’s stock valued at $388,000 after purchasing an additional 200 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in TrustCo Bank Corp NY by 2.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 21,870 shares of the bank’s stock valued at $172,000 after purchasing an additional 480 shares during the last quarter. Texas Permanent School Fund boosted its holdings in TrustCo Bank Corp NY by 1.0% in the second quarter. Texas Permanent School Fund now owns 70,101 shares of the bank’s stock valued at $543,000 after purchasing an additional 695 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in TrustCo Bank Corp NY by 5.9% in the first quarter. PNC Financial Services Group Inc. now owns 12,740 shares of the bank’s stock valued at $100,000 after purchasing an additional 711 shares during the last quarter. 57.69% of the stock is owned by hedge funds and other institutional investors.

TrustCo Bank Corp NY Company Profile

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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