TrustCo Bank Corp NY $TRST Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 68.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,600 shares of the bank’s stock after selling 29,321 shares during the period. Thrivent Financial for Lutherans owned approximately 0.07% of TrustCo Bank Corp NY worth $494,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in shares of TrustCo Bank Corp NY by 2,435.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock valued at $26,000 after acquiring an additional 755 shares during the last quarter. GAMMA Investing LLC raised its position in shares of TrustCo Bank Corp NY by 21.9% during the third quarter. GAMMA Investing LLC now owns 2,313 shares of the bank’s stock worth $84,000 after purchasing an additional 415 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in shares of TrustCo Bank Corp NY by 49.2% during the first quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock valued at $128,000 after purchasing an additional 1,380 shares during the last quarter. Arizona State Retirement System acquired a new position in shares of TrustCo Bank Corp NY in the 3rd quarter valued at $205,000. Finally, CWM LLC increased its stake in TrustCo Bank Corp NY by 20.8% in the 3rd quarter. CWM LLC now owns 7,856 shares of the bank’s stock worth $285,000 after purchasing an additional 1,352 shares in the last quarter. Institutional investors and hedge funds own 68.57% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy”.

TrustCo Bank Corp NY Trading Up 0.5%

Shares of NASDAQ:TRST opened at $45.95 on Wednesday. The stock has a market capitalization of $846.40 million, a PE ratio of 14.14 and a beta of 0.62. TrustCo Bank Corp NY has a 1 year low of $27.18 and a 1 year high of $48.45. The firm has a fifty day moving average price of $43.50 and a 200 day moving average price of $40.11.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. The company had revenue of $48.17 million during the quarter, compared to analysts’ expectations of $48.69 million. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.During the same quarter in the previous year, the firm earned $0.59 earnings per share.

TrustCo Bank Corp NY declared that its board has approved a share repurchase program on Friday, December 19th that allows the company to repurchase $2.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 0.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

TrustCo Bank Corp NY 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.