Stock Repurchase Plan Announced by TrustCo Bank Corp NY (NASDAQ:TRST)

TrustCo Bank Corp NY (NASDAQ:TRST) announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 18th, RTT News reports. The company plans to repurchase 0 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

TrustCo Bank Corp NY Stock Up 3.0 %

Shares of NASDAQ TRST opened at $31.29 on Thursday. TrustCo Bank Corp NY has a twelve month low of $25.83 and a twelve month high of $38.89. The stock has a market cap of $594.82 million, a price-to-earnings ratio of 12.18 and a beta of 0.80. The company’s fifty day moving average is $32.08 and its 200-day moving average is $33.53.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its earnings results 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors 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 annualized dividend and a dividend yield of 4.60%. TrustCo Bank Corp NY’s dividend payout ratio is presently 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.