Price T Rowe Associates Inc. MD Increases Stock Position in TrustCo Bank Corp NY (NASDAQ:TRST)

Price T Rowe Associates Inc. MD raised its stake in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 21.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 16,144 shares of the bank’s stock after acquiring an additional 2,857 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in TrustCo Bank Corp NY were worth $538,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Barclays PLC boosted its stake 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 during the period. JPMorgan Chase & Co. increased its stake in 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 buying an additional 26,881 shares during the period. R Squared Ltd purchased a new stake in shares of TrustCo Bank Corp NY during the 4th quarter worth $91,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of TrustCo Bank Corp NY during the 4th quarter worth $29,000. Finally, Empowered Funds LLC boosted its position in shares of TrustCo Bank Corp NY by 5.1% in the 4th quarter. Empowered Funds LLC now owns 75,233 shares of the bank’s stock worth $2,506,000 after buying an additional 3,617 shares in the last quarter. 68.57% of the stock is currently owned by institutional investors and hedge funds.

TrustCo Bank Corp NY Price Performance

NASDAQ TRST opened at $32.57 on Wednesday. The company has a 50-day moving average of $30.03 and a 200-day moving average of $32.64. The company has a market cap of $619.48 million, a P/E ratio of 12.67 and a beta of 0.64. TrustCo Bank Corp NY has a 12 month low of $26.14 and a 12 month high of $38.89.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its earnings results on Monday, April 21st. The bank reported $0.75 EPS for the quarter, beating the consensus estimate of $0.65 by $0.10. TrustCo Bank Corp NY had a return on equity of 7.37% and a net margin of 18.56%. The company had revenue of $45.35 million during the quarter, compared to analysts’ expectations of $44.99 million.

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

TrustCo Bank Corp NY Announces Dividend

The company 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 4.42%. The ex-dividend date was Friday, March 7th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 53.73%.

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.