Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in TrustCo Bank Corp NY $TRST

Connor Clark & Lunn Investment Management Ltd. grew its position in TrustCo Bank Corp NY (NASDAQ:TRST) by 35.2% during the second quarter, Holdings Channel reports. The firm owned 75,318 shares of the bank’s stock after acquiring an additional 19,625 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in TrustCo Bank Corp NY were worth $2,517,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. Cubist Systematic Strategies LLC boosted its position in TrustCo Bank Corp NY by 49.2% in the first quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock valued at $128,000 after buying an additional 1,380 shares during the last quarter. Cetera Investment Advisers purchased a new position in TrustCo Bank Corp NY during the 1st quarter worth approximately $232,000. CWM LLC lifted its stake in TrustCo Bank Corp NY by 23.3% during the 1st quarter. CWM LLC now owns 7,626 shares of the bank’s stock valued at $232,000 after acquiring an additional 1,440 shares during the period. EntryPoint Capital LLC boosted its holdings in shares of TrustCo Bank Corp NY by 14.4% in the 1st quarter. EntryPoint Capital LLC now owns 7,654 shares of the bank’s stock valued at $233,000 after acquiring an additional 964 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in shares of TrustCo Bank Corp NY by 16.3% in the 1st quarter. Cerity Partners LLC now owns 8,393 shares of the bank’s stock valued at $256,000 after acquiring an additional 1,175 shares during the last quarter. 68.57% of the stock is currently owned by hedge funds and other institutional investors.

TrustCo Bank Corp NY Trading Up 0.7%

Shares of NASDAQ:TRST opened at $40.10 on Friday. TrustCo Bank Corp NY has a 12-month low of $27.18 and a 12-month high of $40.96. The business has a 50 day moving average of $37.83 and a two-hundred day moving average of $35.21. The company has a market capitalization of $738.80 million, a PE ratio of 13.41 and a beta of 0.68.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings data on Tuesday, October 21st. The bank reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. The business had revenue of $47.81 million for the quarter, compared to analysts’ expectations of $47.27 million. TrustCo Bank Corp NY had a net margin of 20.74% and a return on equity of 8.27%. During the same quarter last year, the company earned $0.68 EPS.

TrustCo Bank Corp NY Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from TrustCo Bank Corp NY’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 3.8%. TrustCo Bank Corp NY’s dividend payout ratio is presently 50.84%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a report on Tuesday. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy”.

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.