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

TrustCo Bank Corp NY (NASDAQ:TRST) declared that its board has approved a share repurchase program on Tuesday, March 18th, RTT News reports. The company plans to buyback 0 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

TrustCo Bank Corp NY Stock Performance

TrustCo Bank Corp NY stock opened at $30.67 on Friday. TrustCo Bank Corp NY has a 52 week low of $25.83 and a 52 week high of $38.89. The stock has a market capitalization of $583.04 million, a P/E ratio of 11.93 and a beta of 0.80. The stock has a 50-day simple moving average of $32.06 and a 200 day simple moving average of $33.51.

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

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.70%. The ex-dividend date is Friday, March 7th. TrustCo Bank Corp NY’s payout ratio is 56.03%.

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.