Rhumbline Advisers Sells 2,048 Shares of TrustCo Bank Corp NY (NASDAQ:TRST)

Rhumbline Advisers reduced its position in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 3.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,127 shares of the bank’s stock after selling 2,048 shares during the quarter. Rhumbline Advisers owned about 0.35% of TrustCo Bank Corp NY worth $2,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in shares of TrustCo Bank Corp NY in the fourth quarter valued at about $93,000. KLP Kapitalforvaltning AS purchased a new stake in shares of TrustCo Bank Corp NY in the 4th quarter worth approximately $120,000. Graney & King LLC bought a new position in shares of TrustCo Bank Corp NY during the fourth quarter valued at approximately $142,000. Point72 Asset Management L.P. purchased a new position in TrustCo Bank Corp NY during the fourth quarter valued at approximately $203,000. Finally, AlphaQuest LLC bought a new position in TrustCo Bank Corp NY in the fourth quarter worth approximately $218,000. 68.57% of the stock is owned by institutional investors.

TrustCo Bank Corp NY Trading Down 2.0%

Shares of NASDAQ:TRST opened at $30.95 on Tuesday. The company has a market capitalization of $588.67 million, a PE ratio of 12.04 and a beta of 0.64. TrustCo Bank Corp NY has a 12-month low of $26.30 and a 12-month high of $38.89. The business’s fifty day simple moving average is $30.72 and its 200-day simple moving average is $31.88.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its earnings results on Monday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.10. The company had revenue of $45.35 million for the quarter, compared to analyst estimates 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 of Directors has authorized a stock buyback program on Tuesday, March 18th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, June 6th. This represents a $1.44 annualized dividend and a dividend yield of 4.65%. TrustCo Bank Corp NY’s dividend payout ratio is presently 53.73%.

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 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.