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On February 5, Steffani Cotugno, a director at Trustco Bank Corp NY (NASDAQ:TRST), a $624 million regional bank that InvestingPro analysis suggests is currently undervalued, purchased 400 shares of the company’s common stock. The shares were acquired at a price of $32.33 each, amounting to a total transaction value of $12,932. This acquisition was part of a dividend reinvestment and/or employee benefit plan with a dividend reinvestment feature. The bank, trading at a P/E ratio of 12.8, has maintained dividend payments for 43 consecutive years, currently offering a 4.35% yield. Following this transaction, Cotugno now holds 814 shares directly. Discover more insights about TRST and access comprehensive analysis with a InvestingPro subscription, which includes additional ProTips and detailed financial metrics.
In other recent news, TrustCo Bank reported mixed financial results for Q4 2024. The company’s earnings per share (EPS) of $0.59 fell short of analysts’ forecast of $0.64, and its revenue of $43.31 million was slightly below the anticipated $43.88 million. Despite the earnings miss, TrustCo Bank experienced a 14.6% increase in net income year-over-year, reaching $11.3 million. The company also launched new cannabis banking services in multiple states.
Analysts noted that TrustCo Bank’s book value per share increased by 4.8% to $35.56, indicating a solid financial position. The bank’s focus on portfolio lending and conservative balance sheet management was highlighted. In future developments, TrustCo Bank aims to expand its commercial loan portfolio and explore opportunities in cannabis banking, particularly in New York and Massachusetts. The company has projected EPS growth for the coming quarters, with expectations of $0.65 in Q1 2025 and $0.69 in Q2 2025.
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