TrustCo Bank Corp NY $TRST Position Boosted by Osaic Holdings Inc.

Osaic Holdings Inc. lifted its stake in TrustCo Bank Corp NY (NASDAQ:TRST) by 1,764.0% in the second quarter, Holdings Channel.com reports. The firm owned 62,276 shares of the bank’s stock after acquiring an additional 58,935 shares during the quarter. Osaic Holdings Inc.’s holdings in TrustCo Bank Corp NY were worth $1,904,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in TrustCo Bank Corp NY by 2,435.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock valued at $26,000 after buying an additional 755 shares during the period. Cubist Systematic Strategies LLC boosted its stake in shares of TrustCo Bank Corp NY by 49.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock valued at $128,000 after buying an additional 1,380 shares during the period. Quantinno Capital Management LP grew its holdings in shares of TrustCo Bank Corp NY by 19.3% during the 2nd quarter. Quantinno Capital Management LP now owns 9,690 shares of the bank’s stock valued at $324,000 after acquiring an additional 1,566 shares in the last quarter. Sei Investments Co. increased its stake in shares of TrustCo Bank Corp NY by 54.3% in the second quarter. Sei Investments Co. now owns 10,927 shares of the bank’s stock worth $365,000 after acquiring an additional 3,847 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of TrustCo Bank Corp NY by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock worth $336,000 after acquiring an additional 468 shares in the last quarter. 68.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research report on Monday, December 22nd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Down 0.7%

TRST stock opened at $42.57 on Monday. The firm has a 50 day moving average of $40.85 and a two-hundred day moving average of $37.58. TrustCo Bank Corp NY has a 12 month low of $27.18 and a 12 month high of $45.27. The company has a market capitalization of $784.14 million, a price-to-earnings ratio of 14.24 and a beta of 0.65.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings data on Tuesday, October 21st. The bank reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.13. The business had revenue of $47.81 million during the quarter, compared to analyst estimates of $47.27 million. TrustCo Bank Corp NY had a net margin of 20.74% and a return on equity of 8.27%. During the same quarter in the previous year, the business earned $0.68 EPS.

TrustCo Bank Corp NY Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 5th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, December 5th. TrustCo Bank Corp NY’s dividend payout ratio is 50.84%.

TrustCo Bank Corp NY announced that its board has authorized a stock buyback program on Friday, December 19th that authorizes the company to repurchase $2.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 0.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are 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.