HoldCo Asset Management LP Boosts Position in TrustCo Bank Corp NY $TRST

HoldCo Asset Management LP raised its holdings in TrustCo Bank Corp NY (NASDAQ:TRST) by 170.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 872,744 shares of the bank’s stock after acquiring an additional 549,729 shares during the quarter. TrustCo Bank Corp NY makes up about 3.3% of HoldCo Asset Management LP’s portfolio, making the stock its 10th largest holding. HoldCo Asset Management LP owned about 4.74% of TrustCo Bank Corp NY worth $31,681,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its stake 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 purchasing an additional 99,411 shares during the last quarter. Osaic Holdings Inc. raised its position in TrustCo Bank Corp NY by 1,764.0% during the 2nd 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. First Trust Advisors LP lifted its holdings in TrustCo Bank Corp NY by 295.2% during the 3rd quarter. First Trust Advisors LP now owns 71,557 shares of the bank’s stock worth $2,598,000 after buying an additional 53,452 shares during the period. American Century Companies Inc. lifted its holdings in TrustCo Bank Corp NY by 10.0% during the 3rd quarter. American Century Companies Inc. now owns 514,237 shares of the bank’s stock worth $18,667,000 after buying an additional 46,881 shares during the period. Finally, Invesco Ltd. grew its position in shares of TrustCo Bank Corp NY by 25.0% in the 3rd quarter. Invesco Ltd. now owns 230,528 shares of the bank’s stock valued at $8,368,000 after buying an additional 46,103 shares during the last quarter. Institutional investors own 68.57% of the company’s stock.

TrustCo Bank Corp NY Stock Up 1.2%

TRST opened at $43.95 on Monday. TrustCo Bank Corp NY has a twelve month low of $27.18 and a twelve month high of $48.45. The company has a fifty day moving average of $44.00 and a 200-day moving average of $41.24. The stock has a market cap of $809.56 million, a PE ratio of 13.52 and a beta of 0.61.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. The business had revenue of $48.17 million during the quarter, compared to the consensus estimate of $48.69 million. TrustCo Bank Corp NY had a net margin of 21.96% and a return on equity of 8.86%. During the same quarter last year, the firm earned $0.59 earnings per share.

TrustCo Bank Corp NY announced that its Board of Directors has approved a stock repurchase plan 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 plans are often an indication that the company’s board of directors believes its shares are undervalued.

TrustCo Bank Corp NY Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.52 annualized dividend and a dividend yield of 3.5%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 46.77%.

Wall Street Analyst Weigh In

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