Connor Clark & Lunn Investment Management Ltd. Buys 18,706 Shares of TrustCo Bank Corp NY $TRST

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in TrustCo Bank Corp NY by 50.6%, owning 55,693 shares valued at approximately $1.7 million.
• TrustCo Bank's recent earnings report showed an EPS of $0.79, surpassing the consensus estimate by $0.10, with a revenue of $46.6 million for the quarter.
• The company declared a quarterly dividend of $0.36, translating to an annual yield of 4.1%, with a payout ratio of 51.25%.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 50.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,693 shares of the bank's stock after buying an additional 18,706 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.29% of TrustCo Bank Corp NY worth $1,698,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in TrustCo Bank Corp NY by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 1,264,934 shares of the bank's stock valued at $38,555,000 after purchasing an additional 37,096 shares during the last quarter. Dimensional Fund Advisors LP raised its position in TrustCo Bank Corp NY by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,231,523 shares of the bank's stock valued at $41,022,000 after purchasing an additional 15,482 shares during the last quarter. Systematic Financial Management LP raised its position in TrustCo Bank Corp NY by 4.3% in the 4th quarter. Systematic Financial Management LP now owns 1,156,983 shares of the bank's stock valued at $38,539,000 after purchasing an additional 47,422 shares during the last quarter. Invesco Ltd. raised its position in TrustCo Bank Corp NY by 277.3% in the 4th quarter. Invesco Ltd. now owns 248,507 shares of the bank's stock valued at $8,278,000 after purchasing an additional 182,634 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its position in TrustCo Bank Corp NY by 3.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 121,913 shares of the bank's stock valued at $4,061,000 after purchasing an additional 3,617 shares during the last quarter. Institutional investors and hedge funds own 68.57% of the company's stock.

TrustCo Bank Corp NY Price Performance

Shares of TRST stock traded up $0.06 on Thursday, reaching $36.06. 138,554 shares of the stock were exchanged, compared to its average volume of 95,983. TrustCo Bank Corp NY has a one year low of $27.18 and a one year high of $38.89. The stock has a market cap of $679.73 million, a PE ratio of 12.83 and a beta of 0.70. The stock has a 50 day moving average price of $34.04 and a 200 day moving average price of $32.09.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The bank reported $0.79 earnings per share (EPS) for the quarter, beating 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 business had revenue of $46.60 million for the quarter, compared to analyst estimates 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. Stockholders of record on Friday, September 5th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.2%. This is a boost from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, September 5th. TrustCo Bank Corp NY's payout ratio is currently 51.25%.

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.