Gabelli Funds LLC Has $6.63 Million Stake in TrustCo Bank Corp NY $TRST

Gabelli Funds LLC raised its position in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 34.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 151,443 shares of the bank’s stock after acquiring an additional 38,450 shares during the period. Gabelli Funds LLC’s holdings in TrustCo Bank Corp NY were worth $6,630,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of TrustCo Bank Corp NY by 11.4% in the fourth quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock worth $107,000 after purchasing an additional 264 shares during the period. DUTCH ASSET Corp boosted its stake in TrustCo Bank Corp NY by 5.9% during the 1st quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank’s stock valued at $241,000 after purchasing an additional 304 shares during the period. Retirement Planning Group LLC NY boosted its stake in TrustCo Bank Corp NY by 9.2% during the 1st quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank’s stock valued at $243,000 after purchasing an additional 463 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in TrustCo Bank Corp NY by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock valued at $336,000 after buying an additional 468 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in TrustCo Bank Corp NY by 48.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,701 shares of the bank’s stock valued at $62,000 after buying an additional 555 shares during the last quarter. 68.57% of the stock is owned by institutional investors and hedge funds.

TrustCo Bank Corp NY Price Performance

NASDAQ TRST opened at $57.41 on Tuesday. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 15.95 and a beta of 0.62. The company’s fifty day moving average is $53.54 and its two-hundred day moving average is $47.97. TrustCo Bank Corp NY has a 52-week low of $32.62 and a 52-week high of $57.93.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $0.98 EPS for the quarter. The business had revenue of $51.50 million during the quarter. TrustCo Bank Corp NY had a net margin of 22.76% and a return on equity of 9.62%.

TrustCo Bank Corp NY Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, June 5th. TrustCo Bank Corp NY’s payout ratio is currently 42.22%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of TrustCo Bank Corp NY in a report on Monday, June 8th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy”.

TrustCo Bank Corp NY Company 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.