Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in TrustCo Bank Corp NY (NASDAQ:TRST)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in TrustCo Bank Corp NY (NASDAQ:TRST) by 105.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 36,987 shares of the bank’s stock after purchasing an additional 18,954 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in TrustCo Bank Corp NY were worth $1,232,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its stake in shares of TrustCo Bank Corp NY by 263.7% in the 4th quarter. Versant Capital Management Inc now owns 942 shares of the bank’s stock worth $31,000 after acquiring an additional 683 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in TrustCo Bank Corp NY during the fourth quarter worth about $29,000. Principal Financial Group Inc. raised its stake in TrustCo Bank Corp NY by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 92,158 shares of the bank’s stock worth $3,070,000 after purchasing an additional 2,569 shares during the period. R Squared Ltd purchased a new position in TrustCo Bank Corp NY during the fourth quarter worth about $91,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in TrustCo Bank Corp NY by 33.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 11,063 shares of the bank’s stock valued at $366,000 after purchasing an additional 2,770 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 NASDAQ TRST opened at $31.29 on Thursday. The company has a market capitalization of $594.82 million, a P/E ratio of 12.18 and a beta of 0.80. The company has a 50 day simple moving average of $32.08 and a 200-day simple moving average of $33.53. TrustCo Bank Corp NY has a 1 year low of $25.83 and a 1 year high of $38.89.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its earnings results on Tuesday, January 21st. The bank reported $0.59 earnings per share (EPS) for the quarter. TrustCo Bank Corp NY had a return on equity of 7.37% and a net margin of 18.56%.

TrustCo Bank Corp NY Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be given a $0.36 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.44 dividend on an annualized basis and a yield of 4.60%. TrustCo Bank Corp NY’s payout ratio is currently 56.03%.

TrustCo Bank Corp NY announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 18th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

About TrustCo Bank Corp NY

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.