Gabelli Funds LLC Purchases 14,800 Shares of TrustCo Bank Corp NY $TRST

Key Points

• Gabelli Funds LLC increased its position in TrustCo Bank Corp NY by 24.5% during the first quarter, now owning 75,305 shares valued at approximately $2.3 million.
• TrustCo Bank Corp NY recently announced a quarterly dividend of $0.38 per share, which marks an increase from the previous $0.36 and a yield of 3.8%.
• The bank reported $0.79 earnings per share for the last quarter, exceeding analysts' expectations and achieving a revenue of $46.60 million.

Gabelli Funds LLC lifted its stake in shares of TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 75,305 shares of the bank's stock after buying an additional 14,800 shares during the quarter. Gabelli Funds LLC owned about 0.40% of TrustCo Bank Corp NY worth $2,295,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of TrustCo Bank Corp NY by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,568 shares of the bank's stock worth $352,000 after buying an additional 362 shares during the period. New York State Teachers Retirement System grew its position in shares of TrustCo Bank Corp NY by 1.4% during the 1st quarter. New York State Teachers Retirement System now owns 30,586 shares of the bank's stock worth $932,000 after buying an additional 436 shares during the period. SummerHaven Investment Management LLC grew its position in shares of TrustCo Bank Corp NY by 1.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 26,878 shares of the bank's stock worth $819,000 after buying an additional 447 shares during the period. GAMMA Investing LLC grew its position 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 buying an additional 592 shares during the period. Finally, MetLife Investment Management LLC grew its position in shares of TrustCo Bank Corp NY by 8.2% during the 4th quarter. MetLife Investment Management LLC now owns 11,207 shares of the bank's stock worth $373,000 after buying an additional 846 shares during the period. Institutional investors and hedge funds own 68.57% of the company's stock.

TrustCo Bank Corp NY Stock Performance

Shares of TRST stock traded up $0.64 during trading hours on Thursday, hitting $40.72. 106,203 shares of the company were exchanged, compared to its average volume of 125,657. The firm has a market cap of $767.57 million, a P/E ratio of 14.49 and a beta of 0.72. TrustCo Bank Corp NY has a fifty-two week low of $27.18 and a fifty-two week high of $40.72. The company has a 50 day simple moving average of $35.64 and a two-hundred day simple moving average of $32.52.

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

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 issued a $0.38 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. 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.