HoldCo Asset Management LP Has $31.68 Million Stock Holdings in TrustCo Bank Corp NY $TRST

HoldCo Asset Management LP raised its holdings in TrustCo Bank Corp NY (NASDAQ:TRST) by 170.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 872,744 shares of the bank’s stock after buying an additional 549,729 shares during the quarter. TrustCo Bank Corp NY accounts for 3.3% of HoldCo Asset Management LP’s investment portfolio, making the stock its 10th largest holding. HoldCo Asset Management LP’s holdings in TrustCo Bank Corp NY were worth $31,681,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of America Corp DE grew its position in shares of TrustCo Bank Corp NY by 17.2% during the 3rd quarter. Bank of America Corp DE now owns 52,746 shares of the bank’s stock worth $1,915,000 after buying an additional 7,754 shares during the period. Raymond James Financial Inc. lifted its position in shares of TrustCo Bank Corp NY by 10.9% during the 3rd quarter. Raymond James Financial Inc. now owns 8,201 shares of the bank’s stock valued at $298,000 after acquiring an additional 808 shares during the period. Two Sigma Investments LP boosted its stake in TrustCo Bank Corp NY by 55.4% during the third quarter. Two Sigma Investments LP now owns 115,107 shares of the bank’s stock worth $4,178,000 after acquiring an additional 41,051 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in TrustCo Bank Corp NY by 6.3% during the third quarter. Bridgeway Capital Management LLC now owns 123,842 shares of the bank’s stock worth $4,495,000 after acquiring an additional 7,389 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in TrustCo Bank Corp NY by 25.0% in the third quarter. Invesco Ltd. now owns 230,528 shares of the bank’s stock worth $8,368,000 after purchasing an additional 46,103 shares during the period. 68.57% of the stock is currently owned by institutional investors.

TrustCo Bank Corp NY Stock Performance

Shares of NASDAQ:TRST opened at $43.95 on Monday. TrustCo Bank Corp NY has a 52-week low of $27.18 and a 52-week high of $48.45. The business’s 50 day simple moving average is $44.00 and its two-hundred day simple moving average is $41.24. The firm has a market cap of $809.56 million, a P/E ratio of 13.52 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 EPS 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 quarter in the previous year, the company posted $0.59 earnings per share.

TrustCo Bank Corp NY declared that its board has authorized a stock buyback program on Friday, December 19th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 0.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 6th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, March 6th. TrustCo Bank Corp NY’s payout ratio is 46.77%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, TrustCo Bank Corp NY presently has a consensus rating of “Buy”.

About TrustCo Bank Corp NY

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.