Bank of New York Mellon Corp Reduces Position in TrustCo Bank Corp NY (NASDAQ:TRST)

Bank of New York Mellon Corp cut its holdings in TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 202,625 shares of the bank's stock after selling 20,443 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.07% of TrustCo Bank Corp NY worth $6,749,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of TrustCo Bank Corp NY by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 92,158 shares of the bank's stock worth $3,070,000 after purchasing an additional 2,569 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in TrustCo Bank Corp NY by 9.5% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 74,892 shares of the bank's stock worth $2,495,000 after buying an additional 6,504 shares during the period. Empowered Funds LLC increased its holdings in shares of TrustCo Bank Corp NY by 5.1% in the 4th quarter. Empowered Funds LLC now owns 75,233 shares of the bank's stock valued at $2,506,000 after acquiring an additional 3,617 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of TrustCo Bank Corp NY in the 4th quarter worth $29,000. Finally, R Squared Ltd purchased a new stake in shares of TrustCo Bank Corp NY during the 4th quarter worth $91,000. 68.57% of the stock is currently owned by institutional investors.

TrustCo Bank Corp NY Stock Performance

TRST traded down $0.66 on Thursday, hitting $30.63. The company had a trading volume of 45,558 shares, compared to its average volume of 76,640. The stock has a market capitalization of $582.26 million, a price-to-earnings ratio of 12.04 and a beta of 0.80. The stock has a fifty day moving average price of $32.08 and a 200-day moving average price of $33.53. TrustCo Bank Corp NY has a 12-month low of $25.83 and a 12-month high of $38.89.

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TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.59 earnings per share (EPS) for the quarter. TrustCo Bank Corp NY had a net margin of 18.56% and a return on equity of 7.37%.

TrustCo Bank Corp NY declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 18th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

TrustCo Bank Corp NY Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given a $0.36 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.70%. TrustCo Bank Corp NY's payout ratio is 56.03%.

TrustCo Bank Corp NY 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.