TrustCo Bank Corp NY (NASDAQ:TRST) Declares Stock Buyback Program

TrustCo Bank Corp NY (NASDAQ:TRST) declared that its Board of Directors has authorized a share buyback plan on Tuesday, March 18th, RTT News reports. The company plans to buyback 0 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

TrustCo Bank Corp NY Price Performance

Shares of TrustCo Bank Corp NY stock traded up $0.08 during trading on Tuesday, reaching $30.38. 91,303 shares of the stock traded hands, compared to its average volume of 76,314. The company has a market capitalization of $577.52 million, a price-to-earnings ratio of 11.82 and a beta of 0.80. The business has a fifty day simple moving average of $32.09 and a two-hundred day simple moving average of $33.55. TrustCo Bank Corp NY has a 52-week low of $25.83 and a 52-week high of $38.89.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.59 earnings per share 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.74%. The ex-dividend date of this dividend is Friday, March 7th. TrustCo Bank Corp NY’s payout ratio is currently 56.03%.

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.