American Century Companies Inc. Buys 46,881 Shares of TrustCo Bank Corp NY $TRST

Key Points

• American Century Companies Inc. increased its stake in TrustCo Bank (NASDAQ:TRST) by 10.0%, acquiring 46,881 shares to hold 514,237 shares (about 2.73%) valued at roughly $18.67 million.
• TrustCo declared a quarterly dividend of $0.38 (annualized $1.52, ~3.5% yield) and approved a stock repurchase plan authorizing up to $2.0 million (about 0.3% of outstanding shares), indicating management support for the stock.
• In the most recent quarter TrustCo reported EPS of $0.85, beating consensus by $0.05, while the company has a market cap of about $807 million and a P/E near 13.5.

American Century Companies Inc. lifted its position in TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 514,237 shares of the bank's stock after acquiring an additional 46,881 shares during the period. American Century Companies Inc. owned approximately 2.73% of TrustCo Bank Corp NY worth $18,667,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of TRST. GAMMA Investing LLC grew its position in shares of TrustCo Bank Corp NY by 21.9% in the 3rd quarter. GAMMA Investing LLC now owns 2,313 shares of the bank's stock valued at $84,000 after purchasing an additional 415 shares during the period. Gabelli Funds LLC lifted its position in TrustCo Bank Corp NY by 0.6% in the 2nd quarter. Gabelli Funds LLC now owns 75,730 shares of the bank's stock valued at $2,531,000 after acquiring an additional 425 shares in the last quarter. Hantz Financial Services Inc. lifted its position in 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 acquiring an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in TrustCo Bank Corp NY by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank's stock worth $336,000 after purchasing an additional 468 shares during the period. Finally, First Trust Advisors LP boosted its stake in TrustCo Bank Corp NY by 4.2% in the 2nd quarter. First Trust Advisors LP now owns 18,105 shares of the bank's stock worth $605,000 after purchasing an additional 723 shares during the period. Institutional investors and hedge funds own 68.57% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "buy (b-)" rating on shares of TrustCo Bank Corp NY in a report on Monday, December 29th. One research 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 Stock Up 0.0%

Shares of NASDAQ:TRST opened at $43.83 on Wednesday. TrustCo Bank Corp NY has a 12-month low of $27.18 and a 12-month high of $48.45. The company's 50 day moving average price is $43.87 and its two-hundred day moving average price is $41.14. The firm has a market cap of $807.35 million, a PE ratio of 13.49 and a beta of 0.61.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.05. The business had revenue of $48.17 million during the quarter, compared to analysts' expectations 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 in the previous year, the company posted $0.59 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The business 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 $0.38 dividend. 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 payout ratio is 46.77%.

TrustCo Bank Corp NY declared that its board has approved a stock repurchase plan on Friday, December 19th that permits the company to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 0.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

TrustCo Bank Corp NY Company 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.

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