Globeflex Capital L P Acquires Shares of 37,380 TrustCo Bank Corp NY $TRST

Globeflex Capital L P acquired a new stake in TrustCo Bank Corp NY (NASDAQ:TRST) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 37,380 shares of the bank’s stock, valued at approximately $2,053,000.

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in TrustCo Bank Corp NY during the second quarter worth about $8,855,000. GAMMA Investing LLC grew its holdings in shares of TrustCo Bank Corp NY by 18.5% during the second quarter. GAMMA Investing LLC now owns 3,204 shares of the bank’s stock worth $176,000 after purchasing an additional 501 shares during the last quarter. Bank of America Corp DE lifted its position in TrustCo Bank Corp NY by 66.1% during the 1st quarter. Bank of America Corp DE now owns 82,283 shares of the bank’s stock worth $3,602,000 after buying an additional 32,748 shares in the last quarter. Quantinno Capital Management LP lifted its position in TrustCo Bank Corp NY by 23.6% during the 1st quarter. Quantinno Capital Management LP now owns 21,689 shares of the bank’s stock worth $950,000 after buying an additional 4,148 shares in the last quarter. Finally, Teton Advisors LLC bought a new stake in TrustCo Bank Corp NY during the 1st quarter worth about $202,000. 68.57% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

TrustCo Bank Corp NY Stock Up 0.7%

TRST opened at $57.20 on Tuesday. The stock has a market cap of $974.00 million, a P/E ratio of 15.89 and a beta of 0.62. TrustCo Bank Corp NY has a 12 month low of $34.31 and a 12 month high of $58.97. The company has a fifty day simple moving average of $55.42 and a 200 day simple moving average of $49.88.

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

TrustCo Bank Corp NY Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be given a dividend of $0.40 per share. This is a positive change from TrustCo Bank Corp NY’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. TrustCo Bank Corp NY’s payout ratio is presently 44.44%.

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.