TrustCo Bank Corp NY (NASDAQ:TRST) to Issue Quarterly Dividend of $0.36

TrustCo Bank Corp NY (NASDAQ:TRST) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Investors of record on Friday, June 6th will be paid a dividend of 0.36 per share by the bank on Tuesday, July 1st. This represents a $1.44 dividend on an annualized basis and a yield of 4.63%.

TrustCo Bank Corp NY has increased its dividend payment by an average of 1.6% per year over the last three years.

TrustCo Bank Corp NY Price Performance

NASDAQ TRST opened at $31.07 on Thursday. The company has a fifty day moving average of $30.25 and a two-hundred day moving average of $32.59. The company has a market capitalization of $590.95 million, a PE ratio of 12.09 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.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its earnings results on Monday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. The firm had revenue of $45.35 million during the quarter, compared to analysts’ expectations 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 announced that its board has authorized a stock buyback plan on Tuesday, March 18th that permits the company to repurchase 0 shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC raised its position in TrustCo Bank Corp NY by 49.2% in the 1st 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in TrustCo Bank Corp NY by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock valued at $336,000 after purchasing an additional 468 shares during the period. Jane Street Group LLC purchased a new stake in shares of TrustCo Bank Corp NY in the first quarter valued at about $560,000. Finally, Intech Investment Management LLC raised its holdings in shares of TrustCo Bank Corp NY by 374.2% in the first quarter. Intech Investment Management LLC now owns 52,640 shares of the bank’s stock valued at $1,604,000 after buying an additional 41,540 shares during the last quarter. 68.57% of the stock is currently owned by hedge funds and other institutional investors.

TrustCo Bank Corp NY Company 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.