Raymond James Financial Inc. Acquires New Position in TrustCo Bank Corp NY (NASDAQ:TRST)

Raymond James Financial Inc. purchased a new position in shares of TrustCo Bank Corp NY (NASDAQ:TRST) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,408 shares of the bank’s stock, valued at approximately $247,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of TrustCo Bank Corp NY by 74.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 63,128 shares of the bank’s stock valued at $2,088,000 after purchasing an additional 26,881 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of TrustCo Bank Corp NY during the fourth quarter valued at about $746,000. Barclays PLC grew its holdings in TrustCo Bank Corp NY by 134.4% during the third quarter. Barclays PLC now owns 37,729 shares of the bank’s stock worth $1,247,000 after buying an additional 21,633 shares in the last quarter. Jane Street Group LLC boosted its holdings in TrustCo Bank Corp NY by 69.6% during the third quarter. Jane Street Group LLC now owns 33,830 shares of the bank’s stock worth $1,119,000 after purchasing an additional 13,878 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in TrustCo Bank Corp NY by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 177,238 shares of the bank’s stock worth $5,904,000 after acquiring an additional 6,867 shares during the period. 68.57% of the stock is currently owned by institutional investors.

TrustCo Bank Corp NY Stock Performance

Shares of TRST stock opened at $27.94 on Friday. TrustCo Bank Corp NY has a 52 week low of $25.83 and a 52 week high of $38.89. The firm’s 50-day simple moving average is $31.27 and its two-hundred day simple moving average is $33.06. The firm has a market cap of $531.42 million, a price-to-earnings ratio of 10.87 and a beta of 0.71.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings data on Tuesday, January 21st. The bank reported $0.59 earnings per share for the quarter. TrustCo Bank Corp NY had a net margin of 18.56% and a return on equity of 7.37%.

TrustCo Bank Corp NY declared that its board has approved a share buyback plan on Tuesday, March 18th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

TrustCo Bank Corp NY Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend was Friday, March 7th. TrustCo Bank Corp NY’s dividend payout ratio is 56.03%.

TrustCo Bank Corp NY Company Profile

TrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals and businesses. The company accepts deposits; and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities.