TrustCo Bank (TRST) AI Stock Analysis

• Market Cap: $762.44M
• Dividend Yield: 3.48%
• Average Volume (3M): 121.08K
• Price to Earnings (P/E): 12.4
• Beta (1Y): 0.75
• Revenue Growth: 5.75%
• EPS Growth: 20.52%
• Country: US
• Employees: 740
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.85
• Shares Outstanding: 17,710,510
• 10 Day Avg. Volume: 158,144
• 30 Day Avg. Volume: 121,083
• PEG Ratio: 0.47
• Price to Book (P/B): 1.10
• Price to Sales (P/S): 2.71
• P/FCF Ratio: 16.51
• Enterprise Value/Market Cap: 1.23
• Enterprise Value/Revenue: 3.36
• Enterprise Value/Gross Profit: 5.01
• Enterprise Value/Ebitda: 10.42
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $47.00 ▲(11.35% Upside)
• Action: Downgraded Date: 03/18/26
• Date: Action: Downgraded 03/18/26

The score is driven primarily by stable-to-improving financial performance (higher profitability but weaker cash conversion and higher debt) and a constructive earnings outlook emphasizing margin/earnings momentum and shareholder returns. Valuation is supportive with a moderate P/E and solid yield, while technical indicators are mixed with slightly negative near-term momentum.

Positive Factors

Strong net income growth

A 38% YoY jump in quarterly net income reflects durable core earnings momentum that strengthens ROA/ROE and builds internal capital. Sustained higher earnings give management flexibility for dividends, buybacks and reserve building, improving resilience across economic cycles.

Net interest income & margin expansion

Improving NII and a wider net interest margin indicate the bank is earning more on assets while funding costs fell, a structural driver of bank profitability. If deposit pricing and asset yields remain favorable, margin gains support sustainable earnings and loan growth capacity.

Loan growth supported by stable deposits

Steady loan origination alongside year-over-year deposit growth signals healthy franchise lending demand and stable funding. This structural funding/asset mix supports ongoing NII generation and provides scale benefits versus peers for regional banking margins over the medium term.

Negative Factors

Allowance and coverage decline

A reduced allowance and lower coverage ratio weaken the bank's loss-absorbing cushion against credit deterioration. Persistently lower reserves increase earnings and capital sensitivity to future NPLs, raising downside risk if credit stress or charge-offs accelerate.

Rising debt vs prior year

Material year-over-year debt growth tightens financial flexibility and increases leverage-related obligations. Higher debt levels can constrain capital allocation, elevate interest costs in adverse rate environments, and limit the bank’s ability to absorb shocks or pursue growth without equity support.

Weaker cash conversion / declining FCF

Declining free cash flow and weaker cash conversion versus earnings reduce the bank's internal funding for buybacks, dividends, and reserves. Slower cash generation narrows buffers for credit losses and capital needs, making the firm more reliant on external funding in stressed scenarios.

TrustCo Bank Business Overview & Revenue Model

Company Description

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. In addition, the company serves as the executor of estates and trustee of personal trusts; provides asset and wealth management, estate planning and related advice, and custodial services; and acts as trustee for various types of employee benefit plans, and corporate pension and profit-sharing trusts. As of December 31, 2021, it operated through 147 banking offices and 163 automatic teller machines in New York, New Jersey, Vermont, Massachusetts, and Florida. The company was founded in 1902 and is headquartered in Glenville, New York.

How the Company Makes Money

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TrustCo Bank Financial Statement Overview

Summary

Profitability improved versus the prior year with higher revenue and stronger net/EBIT margins, but results remain below 2022–2023 peak profitability. Leverage is moderate, though debt increased year-over-year. Cash flow is positive but free cash flow and cash conversion weakened versus 2024, making fundamentals solid but not standout.

Income Statement

In TTM (Trailing-Twelve-Months), revenue is up meaningfully versus the prior annual period ($278.3M vs. $263.2M) and profitability improved, with net margin rising to ~22.0% (vs. ~18.6% in 2024) and EBIT margin increasing to ~29.2%. However, margins remain below the notably stronger 2022–2023 levels (net margin ~36.5% in 2022 and ~24.0% in 2023), indicating some compression from peak profitability despite the recent rebound.

Balance Sheet

Leverage is moderate in TTM (Trailing-Twelve-Months) with debt-to-equity at ~0.28 and equity of ~$686.6M supporting a ~$6.44B asset base. Returns on equity are steady but not high at ~8.9% in TTM (Trailing-Twelve-Months), below the stronger 2022 level (~12.5%). A key watch-out is debt increasing versus 2024 ($192.8M vs. $124.9M), which reduces balance sheet flexibility if profitability weakens.

Cash Flow

TTM (Trailing-Twelve-Months) cash generation is positive with operating cash flow of ~$57.6M and free cash flow of ~$45.7M, but free cash flow declined versus 2024 ($54.6M). Free cash flow is ~77% of net income in TTM (Trailing-Twelve-Months), down from ~92% in 2024, suggesting weaker cash conversion. The provided operating cash flow coverage figure remains low in TTM (Trailing-Twelve-Months), reinforcing that cash flow strength is adequate but not a standout relative to earnings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	278.33M	263.15M	244.52M	205.86M	185.92M
Gross Profit	186.72M	169.77M	188.91M	199.74M	183.79M
EBITDA	89.75M	75.48M	88.40M	109.97M	92.72M
Net Income	61.14M	48.83M	58.65M	75.23M	61.52M
Balance Sheet
Total Assets	6.44B	6.24B	6.17B	6.00B	6.20B
Cash, Cash Equivalents and Short-Term Investments	360.99M	344.52M	501.56M	524.94M	456.07M
Total Debt	192.84M	124.94M	133.46M	294.38M	297.41M
Total Liabilities	5.75B	5.56B	5.52B	5.40B	5.60B
Stockholders Equity	686.59M	676.34M	645.28M	599.99M	601.13M
Cash Flow
Free Cash Flow	45.74M	54.56M	58.46M	74.84M	52.52M
Operating Cash Flow	57.60M	59.44M	64.13M	78.63M	55.37M
Investing Cash Flow	-104.67M	-3.75M	-233.59M	-416.63M	-175.26M
Financing Cash Flow	135.69M	8.12M	96.87M	-230.87M	232.26M

TrustCo Bank Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 42.21
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRST, the sentiment is Negative. The current price of 42.21 is below the 20-day moving average (MA) of 43.82, below the 50-day MA of 43.64, and above the 200-day MA of 38.38, indicating a neutral trend. The MACD of -0.29 indicates Positive momentum. The RSI at 38.58 is Neutral, neither overbought nor oversold. The STOCH value of 24.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TRST.

TrustCo Bank Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SPFI	75 Outperform	$671.71M	10.33	12.51%	1.57%	5.87%	37.99%
THFF	71 Outperform	$725.05M	8.35	13.02%	3.19%	16.57%	69.64%
TRST	68 Neutral	$762.44M	12.35	8.86%	3.48%	5.75%	20.52%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ORRF	67 Neutral	$681.79M	7.29	14.41%	2.93%	47.65%	101.00%
HTB	62 Neutral	$709.30M	11.33	10.88%	1.12%	0.21%	14.54%
MPB	61 Neutral	$785.79M	9.23	7.31%	2.58%	12.09%	-15.97%

TrustCo Bank Corporate Events

TrustCo Bank Declares Quarterly Dividend, Signals Ongoing Confidence

On February 17, 2026, TrustCo Bank Corp NY announced that its board declared a quarterly cash dividend of $0.38 per share, equivalent to $1.52 per share on an annualized basis. The dividend is scheduled to be paid on April 1, 2026 to shareholders of record as of the close of business on March 6, 2026.

Management framed the dividend as a core element of TrustCo’s long-standing strategy to generate durable shareholder value alongside its share repurchase program and focus on solid operating performance. By emphasizing the historical dependability of its dividend, the bank signaled continued confidence in its financial position and its role in supporting investors’ long-term financial goals, from homeownership to retirement.

The most recent analyst rating on (TRST) stock is a Hold with a $46.00 price target. To see the full list of analyst forecasts on TrustCo Bank stock, see the TRST Stock Forecast page.

TrustCo Bank Announces Planned Retirement of Chief Operating Officer

On January 27, 2026, TrustCo Bank Corp NY announced that Executive Vice President and Chief Operating Officer Robert M. Leonard notified the company of his intention to retire from all positions with the company and its subsidiaries, effective December 31, 2026. Leonard’s planned year-end 2026 departure signals an upcoming leadership transition in the bank’s senior management ranks, which may prompt strategic and operational adjustments as the company prepares for succession in a key executive role.

The most recent analyst rating on (TRST) stock is a Hold with a $46.00 price target. To see the full list of analyst forecasts on TrustCo Bank stock, see the TRST Stock Forecast page.

TrustCo Bank Unveils Major Share Repurchase Focused Strategy

TrustCo Bank Corp NY, which operates in the banking sector, has been in ongoing discussions with HoldCo Asset Management about its business operations, financial condition, capital allocation, strategic and M&A priorities, and corporate governance, including board composition. On December 19, 2025, the company authorized a share repurchase program for up to two million shares, or roughly 11% of its outstanding stock, and indicated it plans to complete these buybacks in 2026 subject to market conditions and capital needs; the board currently views the shares as highly undervalued and believes repurchases are a better use of capital than pursuing acquisitions, signaling a focus on enhancing shareholder value through capital return rather than expansionary deals.

The most recent analyst rating on (TRST) stock is a Buy with a $53.00 price target. To see the full list of analyst forecasts on TrustCo Bank stock, see the TRST Stock Forecast page.

TrustCo Bank sets date for Q4 2025 results

On January 12, 2026, TrustCo Bank Corp NY announced plans to release its fourth-quarter 2025 financial results on January 21, 2026, followed by a conference call to discuss the results on January 22, 2026. The timing of the disclosure and follow-up call signaled the company’s intent to provide investors and other stakeholders with detailed insight into its year-end performance and outlook, potentially influencing market perceptions of its financial health and strategic direction.

The most recent analyst rating on (TRST) stock is a Buy with a $49.00 price target. To see the full list of analyst forecasts on TrustCo Bank stock, see the TRST Stock Forecast page.