TrustCo Bank Corp NY $TRST Shares Sold by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC has reduced its stake in TrustCo Bank Corp NY by 36.8%, selling 34,388 shares to own 59,071 shares, valued at approximately $1.8 million.
• TrustCo Bank Corp NY will increase its quarterly dividend to $0.38 per share, payable on October 1st, raising the annualized dividend yield to 3.9%.
• The bank reported a quarterly earnings of $0.79 per share, surpassing analysts' expectations, with a revenue of $46.6 million for the quarter.

Acadian Asset Management LLC cut its position in shares of TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 36.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,071 shares of the bank's stock after selling 34,388 shares during the quarter. Acadian Asset Management LLC owned approximately 0.31% of TrustCo Bank Corp NY worth $1,798,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in TrustCo Bank Corp NY during the fourth quarter worth $479,000. Cubist Systematic Strategies LLC acquired a new stake in TrustCo Bank Corp NY in the fourth quarter valued at about $93,000. Deutsche Bank AG raised its position in shares of TrustCo Bank Corp NY by 14.0% during the fourth quarter. Deutsche Bank AG now owns 9,920 shares of the bank's stock worth $330,000 after acquiring an additional 1,221 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of TrustCo Bank Corp NY by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,568 shares of the bank's stock valued at $352,000 after acquiring an additional 362 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in TrustCo Bank Corp NY in the fourth quarter worth $203,000. 68.57% of the stock is owned by institutional investors and hedge funds.

TrustCo Bank Corp NY Stock Performance

TRST stock traded down $0.92 during trading on Friday, hitting $39.12. 290,243 shares of the company traded hands, compared to its average volume of 131,106. The firm has a market capitalization of $737.41 million, a PE ratio of 13.92 and a beta of 0.72. The company has a 50-day moving average of $36.64 and a 200-day moving average of $33.02. TrustCo Bank Corp NY has a 1 year low of $27.18 and a 1 year high of $40.96.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The bank reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.10. TrustCo Bank Corp NY had a return on equity of 7.85% and a net margin of 19.84%.The company had revenue of $46.60 million for the quarter, compared to analysts' expectations of $46.16 million.

TrustCo Bank Corp NY Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. TrustCo Bank Corp NY's dividend payout ratio (DPR) is 54.09%.

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.