Royce & Associates LP Sells 85,347 Shares of TrustCo Bank Corp NY $TRST

Royce & Associates LP lowered its stake in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 41.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,449 shares of the bank’s stock after selling 85,347 shares during the period. Royce & Associates LP owned 0.64% of TrustCo Bank Corp NY worth $4,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. increased its holdings in TrustCo Bank Corp NY by 10.0% in the 3rd quarter. American Century Companies Inc. now owns 514,237 shares of the bank’s stock valued at $18,667,000 after acquiring an additional 46,881 shares during the last quarter. Rafferty Asset Management LLC grew its position in shares of TrustCo Bank Corp NY by 14.3% during the third quarter. Rafferty Asset Management LLC now owns 15,558 shares of the bank’s stock valued at $565,000 after purchasing an additional 1,946 shares in the last quarter. R Squared Ltd increased its holdings in shares of TrustCo Bank Corp NY by 9.3% in the third quarter. R Squared Ltd now owns 17,382 shares of the bank’s stock worth $631,000 after purchasing an additional 1,481 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of TrustCo Bank Corp NY by 41.4% in the third quarter. JPMorgan Chase & Co. now owns 29,479 shares of the bank’s stock worth $1,070,000 after buying an additional 8,636 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in TrustCo Bank Corp NY by 7.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 93,212 shares of the bank’s stock valued at $3,384,000 after buying an additional 6,397 shares during the last quarter. 68.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

TrustCo Bank Corp NY Trading Up 1.1%

Shares of NASDAQ:TRST opened at $44.59 on Thursday. The company has a market cap of $821.35 million, a price-to-earnings ratio of 13.72 and a beta of 0.61. TrustCo Bank Corp NY has a 12 month low of $27.18 and a 12 month high of $48.45. The company has a 50-day moving average price of $43.75 and a 200 day moving average price of $40.89.

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

TrustCo Bank Corp NY Dividend Announcement

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

TrustCo Bank Corp NY announced that its Board of Directors has authorized a stock buyback plan on Friday, December 19th that permits the company to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 0.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.