Invesco Ltd. Sells 30,463 Shares of TrustCo Bank Corp NY $TRST

Key Points

• Invesco Ltd. has reduced its stake in TrustCo Bank Corp NY by 12.3%, selling 30,463 shares and holding a total of 218,044 shares worth approximately $6.65 million after the transaction.
• TrustCo Bank Corp NY recently reported a quarterly earnings per share (EPS) of $0.79, surpassing expectations, with revenue of $46.60 million for the quarter.
• The company announced an increase in its quarterly dividend to $0.38, up from the previous $0.36, reflecting a 3.9% yield, set to be paid on October 1st.

Invesco Ltd. reduced its holdings in shares of TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 12.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 218,044 shares of the bank's stock after selling 30,463 shares during the quarter. Invesco Ltd. owned approximately 1.15% of TrustCo Bank Corp NY worth $6,646,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of TrustCo Bank Corp NY by 51.4% during the 1st quarter. GAMMA Investing LLC now owns 1,744 shares of the bank's stock worth $53,000 after acquiring an additional 592 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of TrustCo Bank Corp NY in the fourth quarter valued at $93,000. Point72 Asset Management L.P. bought a new position in shares of TrustCo Bank Corp NY in the fourth quarter valued at $203,000. Raymond James Financial Inc. bought a new position in shares of TrustCo Bank Corp NY in the fourth quarter valued at $247,000. Finally, Cetera Investment Advisers bought a new position in shares of TrustCo Bank Corp NY in the first quarter valued at $232,000. 68.57% of the stock is owned by institutional investors.

TrustCo Bank Corp NY Stock Performance

Shares of NASDAQ:TRST remained flat at $39.79 during midday trading on Friday. 154,550 shares of the company traded hands, compared to its average volume of 119,491. TrustCo Bank Corp NY has a twelve month low of $27.18 and a twelve month high of $40.02. The business has a 50 day moving average of $35.01 and a 200-day moving average of $32.33. The firm has a market capitalization of $750.04 million, a P/E ratio of 14.16 and a beta of 0.70.

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

TrustCo Bank Corp NY Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be paid a $0.38 dividend. This is a boost from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, September 5th. TrustCo Bank Corp NY's dividend payout ratio (DPR) is 51.25%.

TrustCo Bank Corp NY Company 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.