Northern Trust Corp Decreases Holdings in TrustCo Bank Corp NY (NASDAQ:TRST)

Northern Trust Corp trimmed its stake in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 223,007 shares of the bank’s stock after selling 10,460 shares during the quarter. Northern Trust Corp owned approximately 1.17% of TrustCo Bank Corp NY worth $7,428,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in TrustCo Bank Corp NY in the fourth quarter valued at $29,000. R Squared Ltd acquired a new stake in TrustCo Bank Corp NY during the 4th quarter worth about $91,000. KLP Kapitalforvaltning AS purchased a new stake in shares of TrustCo Bank Corp NY during the fourth quarter worth $120,000. Graney & King LLC bought a new stake in shares of TrustCo Bank Corp NY in the 4th quarter valued at approximately $142,000. Finally, AlphaQuest LLC acquired a new stake in shares of TrustCo Bank Corp NY in the fourth quarter worth about $218,000. 68.57% of the stock is currently owned by institutional investors.

TrustCo Bank Corp NY Price Performance

TRST stock opened at $32.17 on Tuesday. The stock has a market capitalization of $611.87 million, a price-to-earnings ratio of 12.52 and a beta of 0.64. The company has a 50-day moving average of $30.19 and a two-hundred day moving average of $32.61. TrustCo Bank Corp NY has a 52-week low of $26.14 and a 52-week high of $38.89.

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

TrustCo Bank Corp NY declared that its board has approved a share repurchase program on Tuesday, March 18th that allows the company to buyback 0 shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are 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.