TrustCo Bank Corp NY (NASDAQ:TRST) to Buyback 0 Stock

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

TrustCo Bank Corp NY Stock Up 0.3 %

TRST stock traded up $0.08 during trading on Tuesday, hitting $30.38. 91,303 shares of the company’s stock traded hands, compared to its average volume of 76,314. The firm has a market capitalization of $577.52 million, a P/E 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 1 year low of $25.83 and a 1 year high of $38.89.

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

TrustCo Bank Corp NY Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be issued 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 dividend 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.