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TrustCo Bank Corp NYNasdaqGS:TRST Stock Report

Market Cap US$878.3m
Share Price
US$50.26
US$48.9
2.8% overvalued intrinsic discount
1Y63.6%
7D1.9%
1D
Portfolio Value
​
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TrustCo Bank Corp NY

NasdaqGS:TRST Stock Report

Market Cap: US$878.3m

TrustCo Bank Corp NY (TRST) Stock Overview

Operates as the holding company for Trustco Bank that provides personal and business banking services to individuals and businesses. More details

TRST fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance4/6
Financial Health6/6
Dividends4/6

Rewards

Price-To-Earnings ratio (13.9x) is below the US market (18.6x)

Earnings grew by 23.9% over the past year

Pays a reliable dividend of 3.02%

Risk Analysis

Earnings have declined by 2.9% per year over past 5 years


TRST Community Fair Values

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TrustCo Bank Corp NY Competitors

Price History & Performance

Summary of share price highs, lows and changes for TrustCo Bank Corp NY
Historical stock prices
Current Share PriceUS$50.26
52 Week HighUS$51.07
52 Week LowUS$30.17
Beta0.61
1 Month Change8.91%
3 Month Change13.10%
1 Year Change63.61%
3 Year Change74.39%
5 Year Change28.44%
Change since IPO1,347.18%

Recent News & Updates

Recent updates

Seeking Alpha • Feb 04

TrustCo Bank: Mortgage Repricing And A Big Buyback Program

Summary TrustCo Bank's valuation remains attractive despite last year's rally. Current profitability margin tailwinds could persist as loan repricing continues through 2026. The board's 2 million share buyback program offers a significant catalyst given the program's size, representing 11% of total shares outstanding. Read the full article on Seeking Alpha
Analysis Article • Aug 23

TrustCo Bank Corp NY's (NASDAQ:TRST) Upcoming Dividend Will Be Larger Than Last Year's

TrustCo Bank Corp NY's ( NASDAQ:TRST ) periodic dividend will be increasing on the 1st of October to $0.38, with...
Seeking Alpha • Feb 17

Another Downgrade For TrustCo Bank

Summary TrustCo Bank's stock is downgraded from ‘buy’ to ‘hold’ due to its relatively high price-to-earnings ratio and only decent asset quality. Despite a 9.4% rise since December 2023, the stock underperformed the broader market and has seen a decline in net interest income and net profits. The bank's deposits and loans have grown, but rising interest rates have increased costs, impacting net profits and net interest margins. TrustCo Bank's price-to-book ratio is attractive, but its return on assets and equity are lower than most competitors, justifying the downgrade. Read the full article on Seeking Alpha
Analysis Article • Nov 23

TrustCo Bank Corp NY (NASDAQ:TRST) Is Due To Pay A Dividend Of $0.36

The board of TrustCo Bank Corp NY ( NASDAQ:TRST ) has announced that it will pay a dividend of $0.36 per share on the...
Seeking Alpha • Jul 22

TrustCo Bank: Very Strong Performance, Run A House Position

Summary TrustCo Bank Corp NY's Q2 earnings exceeded expectations with an improved return on assets and equity. Net interest margin increased, earnings per share beat expectations, and the stock remains attractive at $32.90 per share. TrustCo Bank saw growth in loans and deposits, maintained strong asset quality, and has a safe dividend payout ratio. If you followed our trade, consider running a house position now. Read the full article on Seeking Alpha
Analysis Article • Apr 26

Results: TrustCo Bank Corp NY Exceeded Expectations And The Consensus Has Updated Its Estimates

Investors in TrustCo Bank Corp NY ( NASDAQ:TRST ) had a good week, as its shares rose 4.2% to close at US$27.06...
Seeking Alpha • Apr 22

TrustCo Bank: Back To A 5.5% Yield, It Is A Buy

Summary TrustCo Bank Corp NY is a recommended regional bank for trading and investing, with stocks currently on sale. Q1 earnings showed respectable loan activity and revenue growth, surpassing expectations. TrustCo Bank's asset quality remains strong, with improving return metrics and a solid efficiency ratio. Buying back stock. Buy TrustCo Bank Corp NY stock for income, or trade for gains back over $30 per share. Read the full article on Seeking Alpha
Analysis Article • Nov 25

TrustCo Bank Corp NY (NASDAQ:TRST) Is Due To Pay A Dividend Of $0.36

The board of TrustCo Bank Corp NY ( NASDAQ:TRST ) has announced that it will pay a dividend of $0.36 per share on the...
Analysis Article • Mar 24

Should You Be Adding TrustCo Bank Corp NY (NASDAQ:TRST) To Your Watchlist Today?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Analysis Article • Feb 25

TrustCo Bank Corp NY (NASDAQ:TRST) Is Increasing Its Dividend To $0.36

TrustCo Bank Corp NY ( NASDAQ:TRST ) will increase its dividend from last year's comparable payment on the 3rd of April...
Analysis Article • Aug 20

TrustCo Bank Corp NY (NASDAQ:TRST) Will Pay A Dividend Of $0.35

The board of TrustCo Bank Corp NY ( NASDAQ:TRST ) has announced that it will pay a dividend of $0.35 per share on the...
Seeking Alpha • Aug 20

TrustCo Bank: Stable And Attractively Valued

TRST currently has excess cash on its books which gives it the opportunity to improve its asset mix and boost the margin. The loan portfolio’s growth will likely remain slow and steady. The December 2022 target price suggests a decent upside from the current market price. Further, TRST is offering a good dividend yield. Earnings of TrustCo Bank Corp NY (TRST) will likely surge this year on the back of steady loan growth. Further, the company will likely continue to deploy its excess cash, which will boost the margin. Overall, I'm expecting TrustCo Bank to report earnings of $3.51 per share for 2022, up 10% year-over-year. For 2023, I'm expecting earnings to remain flattish as loan growth will likely counter the growth in operating expenses. The year-end target price suggests a moderately-high upside from the current market price. Based on the total expected return, I'm adopting a buy rating on TrustCo Bank. Cash Deployment to Help the Margin TrustCo Bank’s net interest margin jumped by an impressive 17 basis points in the second quarter of 2022 as the company deployed some of its excess cash into higher-yielding assets. TrustCo Bank still has plenty of excess cash on its books that provides further opportunities to lift margins. The following chart shows the trend of federal funds sold and other short-term investments, which are cash components. SEC Filings The following table shows the large difference between the yields of various asset classes. Asset Class Average Yield in 2Q 2022 Loans 3.52% Available-for-sale securities 1.85% Fed funds sold and other short-term investments 0.82% Source: 2Q 2022 10-Q Filing If TrustCo Bank could approach a more normal asset mix, then the margin could significantly improve. If the management isn't successful in cash deployment, then TrustCo can still earn a higher yield on its cash, albeit to a lower degree. The upward shift in the short end of the treasury yield curve will help TrustCo earn more on its cash balances. The U.S. Treasury Department Apart from asset mix improvement and greater earning on cash, there isn't much opportunity to benefit from a rising-rate environment. Historically, TrustCo Bank's margin has moved independently of interest rates. The company primarily focuses on residential real estate, which by nature has fixed rates. Therefore, the average loan yield will remain upward sticky in a rising-rate environment. At the same time, the deposit book is quick to reprice because it is heavy on interest-bearing, flexible-rate deposits, namely money market, savings, and interest-bearing checking accounts. These flexible-rate deposits made up of whooping 65.7% of total deposits at the end of June 2022, according to details given in the 10-Q filing. Considering these factors, I'm expecting the margin to increase by a further five basis points in the second half of 2022 before stabilizing in 2023. Loan Growth Trend to Remain Unchanged TrustCo Bank’s loan growth has remained consistently in the mid-single-digit range in the past. I'm expecting loan growth to remain near the historical average through the end of 2023 as the effect of higher rates will counter the effect of strong job markets. Higher borrowing costs will discourage home buyers, who will try to put off new home purchases till a more feasible time. On the other hand, strong job markets will ensure more and more people have the means to afford a home. TrustCo Bank operates in New York, New Jersey, and Florida, which provide good geographical diversification as the economies are very different. The job market of New Jersey is weaker than the national average, while that of Florida and New York, excluding New York City, is stronger. Nevertheless, all three are doing much better than in the last several years. (Please note that TrustCo does not operate in New York City, which is why it's not included in the chart below.) New York Excluding New York Unemployment Rate data by YCharts Considering these factors, I'm expecting the loan portfolio to grow by 4.3% in 2022 and by 4.1% in 2023. Further, I'm expecting other balance sheet items to grow more or less in line with loans. The following table shows my balance sheet estimates. FY18 FY19 FY20 FY21 FY22E FY23E Financial Position Net Loans 3,829 4,018 4,195 4,395 4,586 4,772 Growth of Net Loans 6.6% 4.9% 4.4% 4.8% 4.3% 4.1% Other Earning Assets 987 1,010 1,518 1,594 1,456 1,515 Deposits 4,274 4,450 5,037 5,268 5,505 5,729 Borrowings and Sub-Debt 162 149 268 297 191 199 Common equity 490 538 568 601 614 654 Book Value Per Share ($) 5.1 5.6 29.4 31.2 32.0 34.1 Tangible BVPS ($) 5.1 5.6 29.4 31.2 32.0 34.1 Source: SEC Filings, Author's Estimates (In USD million unless otherwise specified) Normal Level of Provisioning Likely Allowances were 2.36 times the non-performing loans at the end of June 2022, which is a comfortable position. As most of the loans are based on fixed rates, the increase in interest rates is unlikely to affect the portfolio’s credit quality. Further, TrustCo Bank’s loan portfolio inherently carries less risk than peer banks’ portfolios because an overwhelming majority of TrustCo’s loans are backed by real estate. Considering these factors, I'm expecting the provisioning to remain at a normal level through the end of 2023. I'm expecting the net provision expense to make up 0.02% of total loans in 2022 and 2023, which is the same as the average for the last five years. Expecting Earnings to Grow by 10% Earnings will likely grow in 2022 on the back of an increase in loans and margin expansion. Further, I'm expecting earnings to remain flattish next year as the growth of expenses will likely cancel out loan growth. Moreover, I'm expecting the margin to remain mostly stable next year. Overall, I'm expecting TrustCo to report earnings of $3.51 per share for 2022, up 10% year-over-year. For 2023, I'm expecting the company to report earnings of $3.49 per share, down by just 0.6% year-over-year. The following table shows my income statement estimates. FY18 FY19 FY20 FY21 FY22E FY23E Income Statement Net interest income 161 156 154 160 171 179 Provision for loan losses 1 0 6 (5) 1 1 Non-interest income 18 19 17 18 20 20 Non-interest expense 98 98 96 102 101 109 Net income - Common Sh. 61 58 52 62 67 67 EPS - Diluted ($) 0.64 0.60 2.72 3.19 3.51 3.49 Source: SEC Filings, Earnings Releases, Author's Estimates (In USD million unless otherwise specified)

Shareholder Returns

TRSTUS BanksUS Market
7D1.9%2.4%1.1%
1Y63.6%22.3%28.7%

Return vs Industry: TRST exceeded the US Banks industry which returned 22.3% over the past year.

Return vs Market: TRST exceeded the US Market which returned 28.7% over the past year.

Price Volatility

Is TRST's price volatile compared to industry and market?
TRST volatility
TRST Average Weekly Movement2.9%
Banks Industry Average Movement3.4%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

Stable Share Price: TRST has not had significant price volatility in the past 3 months compared to the US market.

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

About the Company

FoundedEmployeesCEOWebsite
1902740Rob McCormickwww.trustcobank.com

TrustCo Bank Corp NY operates as the holding company for Trustco Bank that provides personal and business banking services to individuals and businesses. It accepts deposits; and offers loans and investments. The company 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$878.28m
Earnings (TTM)US$63.15m
Revenue (TTM)US$189.87m
13.9x
P/E Ratio
1.3x
P/B Ratio

Is TRST overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
TRST income statement (TTM)
RevenueUS$189.87m
Cost of RevenueUS$0
Gross ProfitUS$189.87m
Other ExpensesUS$126.72m
EarningsUS$63.15m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)3.61
Gross Margin100.00%
Net Profit Margin33.26%
Debt/Equity Ratio16.8%

How did TRST perform over the long term?

See historical performance and comparison

Dividends

3.0%
Current Dividend Yield
44%
Payout Ratio

Does TRST pay a reliable dividends?

See TRST dividend history and benchmarks
When do you need to buy TRST by to receive an upcoming dividend?
TrustCo Bank Corp NY dividend dates
Ex Dividend DateJun 05 2026
Dividend Pay DateJul 01 2026
Days until Ex dividend10 days
Days until Dividend pay date36 days

Does TRST pay a reliable dividends?

See TRST dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/25 15:45
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

TrustCo Bank Corp NY is covered by 4 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Travis LanKeefe, Bruyette, & Woods
Alexander Roberts TwerdahlPiper Sandler Companies
John CarsonSociete Generale Cross Asset Research