Royce & Associates LP Reduces Position in TrustCo Bank Corp NY $TRST

Royce & Associates LP reduced its position in TrustCo Bank Corp NY (NASDAQ:TRST) by 41.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,449 shares of the bank’s stock after selling 85,347 shares during the quarter. Royce & Associates LP’s holdings in TrustCo Bank Corp NY were worth $4,372,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of TRST. Arrowstreet Capital Limited Partnership raised its holdings in shares of TrustCo Bank Corp NY by 62.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 258,209 shares of the bank’s stock worth $8,629,000 after buying an additional 99,411 shares during the period. HoldCo Asset Management LP bought a new position in TrustCo Bank Corp NY in the 2nd quarter valued at $10,795,000. Campbell & CO Investment Adviser LLC purchased a new stake in TrustCo Bank Corp NY in the second quarter worth $402,000. Geode Capital Management LLC lifted its position in shares of TrustCo Bank Corp NY by 3.5% during the second quarter. Geode Capital Management LLC now owns 510,547 shares of the bank’s stock worth $17,065,000 after purchasing an additional 17,358 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its position in shares of TrustCo Bank Corp NY by 1,764.0% during the second quarter. Osaic Holdings Inc. now owns 62,276 shares of the bank’s stock worth $1,904,000 after purchasing an additional 58,935 shares during the last quarter. Hedge funds and other institutional investors own 68.57% of the company’s stock.

TrustCo Bank Corp NY Trading Up 1.1%

TRST opened at $44.59 on Thursday. TrustCo Bank Corp NY has a 12-month low of $27.18 and a 12-month high of $48.45. The business’s fifty day simple moving average is $43.75 and its 200-day simple moving average is $40.89. The company has a market capitalization of $821.35 million, a price-to-earnings ratio of 13.72 and a beta of 0.61.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings data on Wednesday, January 21st. The bank reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.05. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.The firm had revenue of $48.17 million during the quarter, compared to the consensus estimate of $48.69 million. During the same period in the previous year, the company posted $0.59 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, March 6th. TrustCo Bank Corp NY’s dividend payout ratio is presently 46.77%.

TrustCo Bank Corp NY declared that its Board of Directors has approved a share repurchase program on Friday, December 19th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the bank to reacquire up to 0.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, TrustCo Bank Corp NY has an average rating of “Buy”.

TrustCo Bank Corp NY Profile

TrustCo Bank Corp. NY (NASDAQ: TRST) is a bank holding company headquartered in Glens Falls, New York, that provides a full suite of community banking and financial services primarily across upstate New York and western Massachusetts. Through its wholly owned subsidiary, Trustco Bank, the company offers deposit products such as checking and savings accounts, as well as consumer, residential mortgage, and commercial lending solutions. Additional services include wealth management, trust administration, and insurance products tailored to the needs of individuals, businesses and nonprofit organizations.

Founded in 1902 as the Glens Falls Trust Company, TrustCo Bank has grown steadily through organic branch expansion and acquisitions of locally based banks.