Public Sector Pension Investment Board Sells 12,892 Shares of TrustCo Bank Corp NY $TRST

Public Sector Pension Investment Board reduced its stake in TrustCo Bank Corp NY (NASDAQ:TRST) by 14.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,561 shares of the bank’s stock after selling 12,892 shares during the period. Public Sector Pension Investment Board owned 0.39% of TrustCo Bank Corp NY worth $2,670,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TRST. GAMMA Investing LLC boosted its holdings in shares of TrustCo Bank Corp NY by 21.9% during the 3rd quarter. GAMMA Investing LLC now owns 2,313 shares of the bank’s stock worth $84,000 after buying an additional 415 shares during the period. Gabelli Funds LLC lifted its position in TrustCo Bank Corp NY by 0.6% during the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock worth $2,531,000 after acquiring an additional 425 shares during the last quarter. Hantz Financial Services Inc. lifted its position in TrustCo Bank Corp NY by 108.1% during the third quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $32,000 after acquiring an additional 453 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 during the period. Finally, First Trust Advisors LP grew its position in shares of TrustCo Bank Corp NY by 4.2% in the second quarter. First Trust Advisors LP now owns 18,105 shares of the bank’s stock valued at $605,000 after purchasing an additional 723 shares during the last quarter. 68.57% of the stock is owned by institutional investors.

TrustCo Bank Corp NY Stock Up 0.5%

Shares of NASDAQ:TRST opened at $45.80 on Friday. TrustCo Bank Corp NY has a 12-month low of $27.18 and a 12-month high of $48.45. The company’s 50 day moving average price is $43.56 and its two-hundred day moving average price is $40.33. The firm has a market cap of $843.64 million, a PE ratio of 14.09 and a beta of 0.62.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The company 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 period in the previous year, the business earned $0.59 earnings per share.

TrustCo Bank Corp NY announced that its board has authorized a stock buyback program on Friday, December 19th that permits the company to buyback $2.00 million in shares. This buyback authorization permits the bank to buy up to 0.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

TrustCo Bank Corp NY Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, March 6th. TrustCo Bank Corp NY’s dividend payout ratio is presently 46.77%.

Analyst Ratings Changes

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

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.