Intech Investment Management LLC Sells 18,921 Shares of TrustCo Bank Corp NY $TRST

Intech Investment Management LLC reduced its holdings in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 40.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,632 shares of the bank’s stock after selling 18,921 shares during the period. Intech Investment Management LLC owned 0.15% of TrustCo Bank Corp NY worth $1,003,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in TRST. EverSource Wealth Advisors LLC lifted its stake in shares of TrustCo Bank Corp NY by 2,435.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock valued at $26,000 after purchasing an additional 755 shares during the period. Hantz Financial Services Inc. grew its stake in TrustCo Bank Corp NY by 108.1% during the third quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $32,000 after purchasing an additional 453 shares during the period. GAMMA Investing LLC grew its stake in 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 increased its holdings 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 worth $128,000 after purchasing an additional 1,380 shares in the last quarter. Finally, Arizona State Retirement System bought a new stake in TrustCo Bank Corp NY in the third quarter worth approximately $205,000. 68.57% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy”.

TrustCo Bank Corp NY Trading Down 0.5%

TRST opened at $43.83 on Friday. The company has a fifty day moving average price of $43.80 and a two-hundred day moving average price of $41.01. TrustCo Bank Corp NY has a 1-year low of $27.18 and a 1-year high of $48.45. The company has a market cap of $807.35 million, a P/E ratio of 13.49 and a beta of 0.61.

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

TrustCo Bank Corp NY Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 6th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, March 6th. TrustCo Bank Corp NY’s dividend payout ratio is 46.77%.

TrustCo Bank Corp NY announced that its board has approved a stock buyback plan on Friday, December 19th that permits the company to buyback $2.00 million in shares. This buyback authorization permits the bank to buy up to 0.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership 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.