Bank of New York Mellon Corp Invests $8.86 Million in TrustCo Bank Corp NY $TRST

Key Points

• Bank of New York Mellon acquired 161,264 TrustCo Bank Corp NY shares worth approximately $8.86 million, representing about 0.92% of the company. Institutional investors collectively own 68.57% of TRST.
• TrustCo shares opened at $57.28, near their 12-month high of $58.97. The bank reported quarterly EPS of $0.98 on $51.5 million in revenue, with a 22.76% net margin.
• TrustCo raised its quarterly dividend from $0.38 to $0.40 per share, implying an annualized yield of about 2.8%; the stock also maintains an average “Buy” rating from analysts.

Bank of New York Mellon Corp bought a new position in TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 161,264 shares of the bank's stock, valued at approximately $8,855,000. Bank of New York Mellon Corp owned about 0.92% of TrustCo Bank Corp NY at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TRST. DUTCH ASSET Corp raised its holdings in shares of TrustCo Bank Corp NY by 5.9% during the first quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank's stock valued at $241,000 after acquiring an additional 304 shares in the last quarter. Gabelli Funds LLC boosted its holdings in TrustCo Bank Corp NY by 0.6% in the second 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. Retirement Planning Group LLC NY increased its position in TrustCo Bank Corp NY by 9.2% during the 1st quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank's stock valued at $243,000 after purchasing an additional 463 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in TrustCo Bank Corp NY by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank's stock valued at $336,000 after purchasing an additional 468 shares during the period. Finally, GAMMA Investing LLC raised its holdings in TrustCo Bank Corp NY by 18.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,204 shares of the bank's stock worth $176,000 after purchasing an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 68.57% of the company's stock.

TrustCo Bank Corp NY Stock Up 2.0%

TrustCo Bank Corp NY stock opened at $57.28 on Thursday. The company has a market capitalization of $975.36 million, a P/E ratio of 15.91 and a beta of 0.63. The stock's 50 day moving average is $56.00 and its 200 day moving average is $50.44. TrustCo Bank Corp NY has a twelve month low of $34.31 and a twelve month high of $58.97.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $0.98 earnings per share (EPS) for the quarter. TrustCo Bank Corp NY had a return on equity of 9.62% and a net margin of 22.76%.The business had revenue of $51.50 million during the quarter.

TrustCo Bank Corp NY Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, September 4th. This is a positive change from TrustCo Bank Corp NY's previous quarterly dividend of $0.38. TrustCo Bank Corp NY's dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of TrustCo Bank Corp NY in a research report on Monday, June 8th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, TrustCo Bank Corp NY 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.

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