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TrustCo Bank
(NASDAQ:TRST)
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Rating:69Neutral
Price Target:
$59.00
▲(3.67% Upside)
Action:Downgraded
Date:10/22/26
TRST scores as a stable but not strongly accelerating setup. The biggest support comes from solid financial quality (conservative leverage and strong cash generation) and an upbeat earnings call highlighting improving operating trends and tight expense guidance. Offsetting this are weaker recent revenue/margin momentum in the financial statements and a soft technical picture (below key moving averages with negative MACD), while valuation is reasonable but not a clear bargain.
Positive Factors
Net Interest Income and Margin Expansion
Higher net interest income and an expanding margin show improved earnings from TrustCo’s core banking spread. The combination of stronger asset yields and lower liability costs supports recurring profitability and indicates that operating momentum is improving beyond a single fee event.
Negative Factors
Revenue and Operating Margin Pressure
The revenue decline and substantial margin normalization indicate that recent earnings strength has not translated into broad-based top-line expansion. If this pattern persists, lower operating leverage could constrain future profit growth even though net income has remained relatively resilient.
Read all positive and negative factors
Positive Factors
Negative Factors
Net Interest Income and Margin Expansion
Higher net interest income and an expanding margin show improved earnings from TrustCo’s core banking spread. The combination of stronger asset yields and lower liability costs supports recurring profitability and indicates that operating momentum is improving beyond a single fee event.
Read all positive factors
TrustCo Bank (TRST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$929.87M
Dividend Yield2.74%
Average Volume (3M)119.33K
Price to Earnings (P/E)14.9
Beta (1Y)0.65
Revenue Growth5.93%
EPS Growth25.67%
CountryUS
Employees740
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.60
Shares Outstanding16,528,000
10 Day Avg. Volume115,307
30 Day Avg. Volume119,327
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)1.10
Price to Sales (P/S)2.71
P/FCF Ratio16.51
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue4.18
Enterprise Value/Gross Profit6.69
Enterprise Value/Ebitda18.57
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
TrustCo Bank Business Overview & Revenue Model
Company Description
TrustCo Bank Corp NY functions as the parent entity for Trustco Bank, a federally regulated savings institution. This subsidiary delivers a comprehensive suite of banking solutions, addressing the financial needs of private individuals, partnershi...
How the Company Makes Money
TrustCo Bank primarily earns money through traditional banking activities. Its main revenue stream is net interest income: the spread between interest earned on interest-earning assets (primarily loans, and to the extent applicable, investment sec...
TrustCo Bank Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 25, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management highlighted year-over-year growth in net income, net interest income, loans, deposits, book value per share, and net interest margin, along with stable underlying credit performance, recurring wealth-management income, shareholder distributions, and ongoing customer and lending initiatives. The main challenges were a lower equity-to-asset ratio, higher nonperforming loans and assets compared with the prior year, increased provision expense, and some loan-volume effects from higher interest rates; however, management attributed the provision increase primarily to loan growth and economic forecasts and maintained a confident outlook.Positive Updates
Positive Financial Momentum
Management reported that deposits, average loans, net income, return on average assets, return on average equity, and net interest margin have each grown or improved every quarter on a year-over-year basis. The company said it is optimistic about maintaining positive momentum into 2027.
Negative Updates
Equity-to-Asset Ratio Declined
The consolidated equity-to-asset ratio was 9.72% in the third quarter of 2026, down from 10.9% in the third quarter of 2025, although management described capital as remaining strong.
Read all updates
Q3-2026 Updates
Positive
Negative
Positive Financial Momentum
Management reported that deposits, average loans, net income, return on average assets, return on average equity, and net interest margin have each grown or improved every quarter on a year-over-year basis. The company said it is optimistic about maintaining positive momentum into 2027.
Read all positive updates
Company Guidance
Management said it is “optimistic about the company's ability to maintain positive momentum into 2027.” TrustCo will continue to guide the anticipated level of expense not to exceed $200,000 per quarter, and it would expect 2026 total recurring noninterest expense net of ORE expense to be in the range of $27.8 million to $28.2 million per quarter.TrustCo Bank Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 241.45M | 278.33M | 263.15M | 244.52M | 205.86M | 185.92M |
| Gross Profit | 150.99M | 186.72M | 169.77M | 188.91M | 199.74M | 183.79M |
| EBITDA | 54.38M | 92.67M | 75.48M | 88.40M | 109.97M | 92.73M |
| Net Income | 65.07M | 61.14M | 48.83M | 58.65M | 75.23M | 61.52M |
Balance Sheet | ||||||
| Total Assets | 6.53B | 6.44B | 6.24B | 6.17B | 6.00B | 6.20B |
| Cash, Cash Equivalents and Short-Term Investments | 44.50M | 293.47M | 344.52M | 501.56M | 524.94M | 456.07M |
| Total Debt | 144.74M | 156.44M | 124.94M | 133.46M | 294.38M | 297.41M |
| Total Liabilities | 5.87B | 5.75B | 5.56B | 5.52B | 5.40B | 5.60B |
| Stockholders Equity | 656.01M | 686.59M | 676.34M | 645.28M | 599.99M | 601.13M |
Cash Flow | ||||||
| Free Cash Flow | 63.88M | 45.74M | 54.56M | 58.46M | 74.84M | 52.52M |
| Operating Cash Flow | 69.08M | 57.60M | 59.44M | 64.13M | 78.63M | 55.37M |
| Investing Cash Flow | -194.32M | -104.67M | -3.75M | -233.59M | -416.63M | -175.26M |
| Financing Cash Flow | 108.29M | 135.69M | 8.12M | 96.87M | -230.87M | 232.26M |
TrustCo Bank Technical Analysis
Positive
56.91
Price Trends
55.98
Positive
55.48
Positive
50.44
Positive
Market Momentum
0.23
Negative
55.54
Neutral
76.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRST, the sentiment is Positive. The current price of 56.91 is above the 20-day moving average (MA) of 55.01, above the 50-day MA of 55.98, and above the 200-day MA of 50.44, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 55.54 is Neutral, neither overbought nor oversold. The STOCH value of 76.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TRST.
TrustCo Bank Risk Analysis
TrustCo Bank disclosed 42 risk factors in its most recent earnings report. TrustCo Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TrustCo Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $968.88M | 10.74 | 12.66% | 2.93% | 6.01% | 51.65% | |
77 Outperform | $1.05B | 9.28 | 13.07% | 2.12% | 26.23% | ― | |
77 Outperform | $1.10B | 12.69 | 15.55% | 2.11% | 18.44% | 31.35% | |
75 Outperform | $863.93M | 9.34 | 14.42% | 2.66% | 1.02% | 18.66% | |
69 Neutral | $929.87M | 14.92 | 10.00% | 2.74% | 5.93% | 25.67% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $860.38M | 11.28 | 8.15% | 2.77% | 18.49% | 19.19% |
* Financial Sector Average
TRST
TrustCo Bank
56.26
19.72
53.99%
CAC
Camden National
57.34
20.43
55.36%
CCNE
Cnb Financial
35.46
11.47
47.83%
MPB
Mid Penn Bancorp
33.95
6.29
22.74%
ORRF
Orrstown Financial Services
43.92
11.65
36.11%
FSBC
Five Star
44.92
10.23
29.50%
TrustCo Bank Corporate Events
Business Operations and StrategyFinancial Disclosures
TrustCo Bank schedules release of Q3 2026 results
Neutral
Oct 13, 2026
On October 13, 2026, TrustCo Bank Corp NY announced it will release its third quarter 2026 financial results on October 21, 2026. The bank also scheduled a conference call for October 22, 2026 to discuss the results, signaling continued communicat...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
TrustCo Bank adds independent directors, enhances board oversight
Positive
Sep 16, 2026
On September 15, 2026, TrustCo Bank Corp NY’s board of directors unanimously voted to expand its size from nine to eleven members and elected Patricia Kieper-Fusco and Bryan L. Guentner to fill the new seats, with corresponding changes made ...
Dividends
TrustCo Bank Announces Increased Quarterly Cash Dividend
Positive
Aug 18, 2026
On August 18, 2026, TrustCo Bank Corp NY announced that its Board of Directors had approved an increase in the quarterly cash dividend to $0.40 per share, equivalent to $1.60 per share on an annualized basis, representing a 5.3% rise over the prio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.