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TRST

TrustCo Bank Corp NY NasdaqGS:TRST Stock Report

Last Price

US$30.77

Market Cap

US$590.7m

7D

3.1%

1Y

-10.3%

Updated

27 Jun, 2022

Data

Company Financials +
TRST fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends5/6

TRST Stock Overview

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.

TrustCo Bank Corp NY Competitors

Price History & Performance

Summary of all time highs, changes and price drops for TrustCo Bank Corp NY
Historical stock prices
Current Share PriceUS$30.77
52 Week HighUS$37.10
52 Week LowUS$29.50
Beta0.99
1 Month Change-4.08%
3 Month Change-6.05%
1 Year Change-10.29%
3 Year Change-22.88%
5 Year Change-22.10%
Change since IPO224.10%

Recent News & Updates

May 24

TrustCo Bank: A 4.5% Yield For A Bank Trading At TBV

TrustCo Bank is a rather conservatively managed bank: the majority of its assets consists of liquid securities and residential mortgages. Essentially, the bank provides exposure to a basket of NY and FL residential mortgages. The stock is currently trading at around its tangible book value and offers a 4.5% dividend yield with a 40% payout ratio. This makes TrustCo attractively priced at the current share price.

Shareholder Returns

TRSTUS MortgageUS Market
7D3.1%7.6%6.3%
1Y-10.3%-37.1%-18.8%

Return vs Industry: TRST exceeded the US Mortgage industry which returned -37.6% over the past year.

Return vs Market: TRST exceeded the US Market which returned -18.4% over the past year.

Price Volatility

Is TRST's price volatile compared to industry and market?
TRST volatility
TRST Average Weekly Movement3.1%
Mortgage Industry Average Movement3.7%
Market Average Movement8.1%
10% most volatile stocks in US Market16.7%
10% least volatile stocks in US Market3.2%

Stable Share Price: TRST is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: TRST's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1902769Rob McCormickhttps://www.trustcobank.com

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.

TrustCo Bank Corp NY Fundamentals Summary

How do TrustCo Bank Corp NY's earnings and revenue compare to its market cap?
TRST fundamental statistics
Market CapUS$590.69m
Earnings (TTM)US$64.53m
Revenue (TTM)US$185.09m

9.2x

P/E Ratio

1.0x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRST income statement (TTM)
RevenueUS$185.09m
Cost of RevenueUS$0
Gross ProfitUS$185.09m
Other ExpensesUS$120.56m
EarningsUS$64.53m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.36
Gross Margin100.00%
Net Profit Margin34.86%
Debt/Equity Ratio41.9%

How did TRST perform over the long term?

See historical performance and comparison

Dividends

4.5%

Current Dividend Yield

41%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is TRST undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRST?

Other financial metrics that can be useful for relative valuation.

TRST key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio20.1x

Price to Earnings Ratio vs Peers

How does TRST's PE Ratio compare to its peers?

TRST PE Ratio vs Peers
The above table shows the PE ratio for TRST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.1x
GHLD Guild Holdings
1.8x-46.9%US$604.5m
HMPT Home Point Capital
18.6x45.1%US$543.6m
LDI loanDepot
6.4x172.7%US$443.1m
NFBK Northfield Bancorp (Staten Island NY)
9.6x-3.1%US$634.7m
TRST TrustCo Bank Corp NY
9.2x0.5%US$590.7m

Price-To-Earnings vs Peers: TRST is expensive based on its Price-To-Earnings Ratio (9.2x) compared to the peer average (9.1x).


Price to Earnings Ratio vs Industry

How does TRST's PE Ratio compare vs other companies in the US Mortgage Industry?

Price-To-Earnings vs Industry: TRST is good value based on its Price-To-Earnings Ratio (9.2x) compared to the US Mortgage industry average (11.3x)


Price to Earnings Ratio vs Fair Ratio

What is TRST's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRST PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.2x
Fair PE Ratio11x

Price-To-Earnings vs Fair Ratio: TRST is good value based on its Price-To-Earnings Ratio (9.2x) compared to the estimated Fair Price-To-Earnings Ratio (11x).


Share Price vs Fair Value

What is the Fair Price of TRST when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRST ($30.77) is trading below our estimate of fair value ($61.08)

Significantly Below Fair Value: TRST is trading below fair value by more than 20%.


Price to Earnings Growth Ratio

PEG Ratio: TRST is poor value based on its PEG Ratio (20.1x)


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Future Growth

How is TrustCo Bank Corp NY forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


0.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRST's forecast earnings growth (0.5% per year) is below the savings rate (1.9%).

Earnings vs Market: TRST's earnings (0.5% per year) are forecast to grow slower than the US market (13.9% per year).

High Growth Earnings: TRST's earnings are forecast to grow, but not significantly.

Revenue vs Market: TRST's revenue (4.2% per year) is forecast to grow slower than the US market (8.4% per year).

High Growth Revenue: TRST's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if TRST's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has TrustCo Bank Corp NY performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


5.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRST has high quality earnings.

Growing Profit Margin: TRST's current net profit margins (34.9%) are higher than last year (31.8%).


Past Earnings Growth Analysis

Earnings Trend: TRST's earnings have grown by 5.4% per year over the past 5 years.

Accelerating Growth: TRST's earnings growth over the past year (21.2%) exceeds its 5-year average (5.4% per year).

Earnings vs Industry: TRST earnings growth over the past year (21.2%) exceeded the Mortgage industry 6.7%.


Return on Equity

High ROE: TRST's Return on Equity (10.9%) is considered low.


Discover strong past performing companies

Financial Health

How is TrustCo Bank Corp NY's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: TRST's Assets to Equity ratio (10.6x) is moderate.

Allowance for Bad Loans: TRST has a sufficient allowance for bad loans (238%).

Low Risk Liabilities: 94% of TRST's liabilities are made up of primarily low risk sources of funding.

Loan Level: TRST has an appropriate level of Loans to Assets ratio (70%).

Low Risk Deposits: TRST's Loans to Deposits ratio (83%) is appropriate.

Level of Bad Loans: TRST has an appropriate level of bad loans (0.4%).


Discover healthy companies

Dividend

What is TrustCo Bank Corp NY current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


4.55%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TRST's dividend (4.55%) is higher than the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: TRST's dividend (4.55%) is in the top 25% of dividend payers in the US market (4.23%)


Stability and Growth of Payments

Stable Dividend: TRST's dividends per share have been stable in the past 10 years.

Growing Dividend: TRST's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (41.2%), TRST's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

12.4yrs

Average management tenure


CEO

Rob McCormick (57 yo)

18.42yrs

Tenure

US$3,184,330

Compensation

Mr. Robert Joseph McCormick, also known as Rob, has been President and Chief Executive Officer of TrustCo Bank Corp NY since January 2004 and its Chairman of the Board since January 01, 2019. Mr. McCormick...


CEO Compensation Analysis

Compensation vs Market: Rob's total compensation ($USD3.18M) is about average for companies of similar size in the US market ($USD2.83M).

Compensation vs Earnings: Rob's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: TRST's management team is seasoned and experienced (12.4 years average tenure).


Board Members

Experienced Board: TRST's board of directors are considered experienced (6.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: TRST insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

TrustCo Bank Corp NY's employee growth, exchange listings and data sources


Key Information

  • Name: TrustCo Bank Corp NY
  • Ticker: TRST
  • Exchange: NasdaqGS
  • Founded: 1902
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Implied Market Cap: US$590.688m
  • Shares outstanding: 19.20m
  • Website: https://www.trustcobank.com

Number of Employees


Location

  • TrustCo Bank Corp NY
  • 5 Sarnowski Drive
  • Glenville
  • New York
  • 12302
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/27 00:00
End of Day Share Price2022/06/27 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.