First Trust Advisors LP Purchases 8,370 Shares of TrustCo Bank Corp NY (NASDAQ:TRST)

First Trust Advisors LP grew its position in TrustCo Bank Corp NY (NASDAQ:TRST) by 72.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,871 shares of the bank’s stock after acquiring an additional 8,370 shares during the quarter. First Trust Advisors LP owned 0.10% of TrustCo Bank Corp NY worth $662,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Gabelli Funds LLC lifted its position in TrustCo Bank Corp NY by 2.2% in the fourth quarter. Gabelli Funds LLC now owns 60,505 shares of the bank’s stock worth $2,015,000 after purchasing an additional 1,300 shares during the period. Barclays PLC boosted its position in shares of TrustCo Bank Corp NY by 2.3% during the 4th quarter. Barclays PLC now owns 38,579 shares of the bank’s stock valued at $1,285,000 after acquiring an additional 850 shares in the last quarter. Raymond James Financial Inc. bought a new stake in TrustCo Bank Corp NY in the fourth quarter valued at about $247,000. Invesco Ltd. raised its position in TrustCo Bank Corp NY by 277.3% in the fourth quarter. Invesco Ltd. now owns 248,507 shares of the bank’s stock worth $8,278,000 after purchasing an additional 182,634 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in TrustCo Bank Corp NY by 28.5% during the fourth quarter. Wells Fargo & Company MN now owns 11,464 shares of the bank’s stock worth $382,000 after purchasing an additional 2,541 shares during the period. Institutional investors and hedge funds own 68.57% of the company’s stock.

TrustCo Bank Corp NY Trading Up 1.4 %

TRST stock opened at $31.58 on Friday. The firm has a market cap of $600.65 million, a P/E ratio of 12.29 and a beta of 0.64. TrustCo Bank Corp NY has a 1-year low of $26.14 and a 1-year high of $38.89. The business’s 50 day moving average is $30.00 and its 200-day moving average is $32.67.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued 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 net margin of 18.56% and a return on equity of 7.37%. The company had revenue of $45.35 million for the quarter, compared to the consensus estimate of $44.99 million.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend was Friday, March 7th. TrustCo Bank Corp NY’s payout ratio is currently 53.73%.

TrustCo Bank Corp NY declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 18th that allows the company to repurchase 0 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About TrustCo Bank Corp NY

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.