Public Sector Pension Investment Board Sells 12,892 Shares of TrustCo Bank Corp NY $TRST

Public Sector Pension Investment Board cut its position in TrustCo Bank Corp NY (NASDAQ:TRST) by 14.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 73,561 shares of the bank’s stock after selling 12,892 shares during the quarter. Public Sector Pension Investment Board’s holdings in TrustCo Bank Corp NY were worth $2,670,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in TrustCo Bank Corp NY by 2,435.5% in the second 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. Hantz Financial Services Inc. increased its stake in shares of TrustCo Bank Corp NY by 108.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock valued at $32,000 after purchasing an additional 453 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of TrustCo Bank Corp NY by 21.9% during the 3rd quarter. GAMMA Investing LLC now owns 2,313 shares of the bank’s stock worth $84,000 after buying an additional 415 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of TrustCo Bank Corp NY by 49.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock worth $128,000 after buying an additional 1,380 shares during the last quarter. Finally, Arizona State Retirement System acquired a new stake in TrustCo Bank Corp NY in the third quarter valued at about $205,000. Institutional investors and hedge funds own 68.57% of the company’s stock.

TrustCo Bank Corp NY Stock Up 0.5%

Shares of TRST stock opened at $45.80 on Friday. TrustCo Bank Corp NY has a twelve month low of $27.18 and a twelve month high of $48.45. The stock’s fifty day simple moving average is $43.56 and its 200 day simple moving average is $40.33. The firm has a market capitalization of $843.64 million, a P/E ratio of 14.09 and a beta of 0.62.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its earnings results on Wednesday, January 21st. The bank reported $0.85 EPS for the quarter, beating the consensus estimate of $0.80 by $0.05. The firm had revenue of $48.17 million during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.59 earnings per share.

TrustCo Bank Corp NY announced that its Board of Directors has authorized a stock 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 reacquire up to 0.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

TrustCo Bank Corp NY Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 6th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, March 6th. This represents a $1.52 annualized dividend and a yield of 3.3%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is currently 46.77%.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy”.

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.