Principal Financial Group Inc. reduced its stake in TrustCo Bank Corp NY (NASDAQ:TRST – Free Report) by 1.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,119 shares of the bank’s stock after selling 1,460 shares during the period. Principal Financial Group Inc. owned approximately 0.61% of TrustCo Bank Corp NY worth $3,677,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dorsey Wright & Associates acquired a new stake in shares of TrustCo Bank Corp NY in the 4th quarter valued at $27,000. Geneos Wealth Management Inc. acquired a new stake in TrustCo Bank Corp NY in the first quarter valued at $30,000. Lazard Asset Management LLC purchased a new stake in TrustCo Bank Corp NY during the 1st quarter worth about $34,000. Captrust Financial Advisors boosted its position in shares of TrustCo Bank Corp NY by 104.4% during the 1st quarter. Captrust Financial Advisors now owns 1,114 shares of the bank’s stock worth $36,000 after acquiring an additional 569 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of TrustCo Bank Corp NY by 158.9% in the 1st quarter. KBC Group NV now owns 1,626 shares of the bank’s stock valued at $52,000 after acquiring an additional 998 shares during the last quarter. 67.80% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Separately, StockNews.com upgraded TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a research note on Friday, August 25th.
TrustCo Bank Corp NY Price Performance
NASDAQ TRST opened at $28.99 on Friday. The firm’s fifty day moving average price is $29.37 and its 200 day moving average price is $30.75. TrustCo Bank Corp NY has a 12 month low of $27.18 and a 12 month high of $39.36. The company has a market capitalization of $551.51 million, a price-to-earnings ratio of 7.43 and a beta of 0.91.
TrustCo Bank Corp NY (NASDAQ:TRST – Get Free Report) last posted its earnings results on Tuesday, July 25th. The bank reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.01. The business had revenue of $60.68 million for the quarter, compared to analysts’ expectations of $49.58 million. TrustCo Bank Corp NY had a return on equity of 12.27% and a net margin of 32.40%. During the same quarter in the previous year, the firm earned $0.93 earnings per share. As a group, sell-side analysts forecast that TrustCo Bank Corp NY will post 3.28 earnings per share for the current year.
TrustCo Bank Corp NY Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 1st will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.97%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 36.92%.
TrustCo Bank Corp NY 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, partnerships, and corporations. 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.
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