Gabelli Funds LLC Has $2.30 Million Stock Position in 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 boosted its position in shares of TrustCo Bank Corp NY (NASDAQ:TRST - Free Report) by 24.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,305 shares of the bank's stock after buying an additional 14,800 shares during the quarter. Gabelli Funds LLC owned 0.40% of TrustCo Bank Corp NY worth $2,295,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC boosted its holdings in TrustCo Bank Corp NY by 32.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 312,582 shares of the bank's stock worth $9,527,000 after buying an additional 76,660 shares in the last quarter. EntryPoint Capital LLC boosted its stake in shares of TrustCo Bank Corp NY by 14.4% during the 1st quarter. EntryPoint Capital LLC now owns 7,654 shares of the bank's stock worth $233,000 after acquiring an additional 964 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of TrustCo Bank Corp NY by 15.9% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 86,815 shares of the bank's stock valued at $2,646,000 after purchasing an additional 11,923 shares during the period. American Century Companies Inc. boosted its position in shares of TrustCo Bank Corp NY by 8.1% in the 1st quarter. American Century Companies Inc. now owns 440,874 shares of the bank's stock valued at $13,438,000 after purchasing an additional 33,171 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in shares of TrustCo Bank Corp NY by 67.6% in the first quarter. Public Sector Pension Investment Board now owns 79,772 shares of the bank's stock worth $2,431,000 after buying an additional 32,166 shares during the period. Institutional investors own 68.57% of the company's stock.

TrustCo Bank Corp NY Stock Performance

TrustCo Bank Corp NY stock remained flat at $39.79 during midday trading on Monday. 154,550 shares of the company were exchanged, compared to its average volume of 121,456. The firm has a fifty day moving average of $35.17 and a two-hundred day moving average of $32.36. TrustCo Bank Corp NY has a 1 year low of $27.18 and a 1 year high of $40.02. The firm has a market cap of $750.04 million, a price-to-earnings ratio of 14.16 and a beta of 0.71.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The bank reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.10. The firm had revenue of $46.60 million during the quarter, compared to analyst estimates 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, September 5th. This is a boost from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. TrustCo Bank Corp NY's dividend payout ratio is 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.