TrustCo Bank Corp NY declared a $0.36 quarterly dividend, payable January 2, 2025, to shareholders of record by December 6, 2024.
Quiver AI Summary
TrustCo Bank Corp NY's Board of Directors declared a quarterly cash dividend of $0.36 per share, totaling $1.44 annually, set to be paid on January 2, 2025, to shareholders on record as of December 6, 2024. CEO Robert J. McCormick highlighted the bank's strong financial performance and commitment to delivering solid returns to shareholders. TrustCo, with over 100 years of history, operates 138 offices across several states and offers a range of financial services including deposits, loans, and wealth management. The company is recognized as one of the top-performing savings banks in the country, with its shares traded on the NASDAQ under the symbol TRST. The press release includes forward-looking statements and cautions against placing undue reliance on them, noting various risks and uncertainties that may affect future performance.
Potential Positives
- TrustCo Bank Corp NY declared a quarterly cash dividend of $0.36 per share, indicating a strong commitment to returning value to shareholders.
- The company's solid financial performance is highlighted, with capital levels noted as among the best in its sector, suggesting stability and growth potential.
- TrustCo has a history of over 100 years in the banking industry, reinforcing its reputation and reliability as an investment option.
Potential Negatives
- The forward-looking statements caution readers about potential risks and uncertainties, indicating that the company's future performance may be subject to significant challenges.
- References to external factors such as inflation, monetary policy changes, and geopolitical issues may raise concerns about the company's exposure to economic volatility.
- No concrete data or metrics to support claims of solid returns or excellent income may lead to skepticism about the company's financial stability.
FAQ
What is the recent dividend declared by TrustCo Bank Corp NY?
The Board declared a quarterly cash dividend of $0.36 per share, annualizing to $1.44 per share.
When will the dividend be paid to shareholders?
The dividend will be payable on January 2, 2025, to shareholders of record on December 6, 2024.
Who is the CEO of TrustCo Bank Corp NY?
The CEO is Robert J. McCormick, who also serves as Chairman and President.
How many offices does TrustCo Bank operate?
TrustCo Bank operates 138 offices across New York, New Jersey, Vermont, Massachusetts, and Florida.
What services does Trustco Bank offer?
Trustco Bank provides a variety of deposit and loan products, along with wealth management and estate administration services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TRST Insider Trading Activity
$TRST insiders have traded $TRST stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here's a breakdown of recent trading of $TRST stock by insiders over the last 6 months:
- KEVIN M CURLEY (EXECUTIVE VICE PRESIDENT & COO) purchased 551 shares.
- STEFFANI COTUGNO purchased 400 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$TRST Hedge Fund Activity
We have seen 69 institutional investors add shares of $TRST stock to their portfolio, and 64 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SYSTEMATIC FINANCIAL MANAGEMENT LP added 161,001 shares (+17.0%) to their portfolio in Q3 2024
- CRAMER ROSENTHAL MCGLYNN LLC removed 124,671 shares (-100.0%) from their portfolio in Q3 2024
- VERITION FUND MANAGEMENT LLC added 75,594 shares (+35.2%) to their portfolio in Q3 2024
- AQR CAPITAL MANAGEMENT LLC removed 56,843 shares (-18.7%) from their portfolio in Q3 2024
- AMERICAN CENTURY COMPANIES INC added 41,311 shares (+12.5%) to their portfolio in Q3 2024
- MORGAN STANLEY added 40,843 shares (+26.7%) to their portfolio in Q3 2024
- ROYCE & ASSOCIATES LP removed 39,272 shares (-13.1%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
GLENVILLE, N.Y., Nov. 19, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on November 19, 2024, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on January 2, 2025 to shareholders of record at the close of business on December 6, 2024.
Chairman, President, and Chief Executive Officer Robert J. McCormick said: "TrustCo's owners know that the company reliably has delivered a solid return. Outstanding financial performance over the long haul makes that possible. Our team continues to deliver – income is excellent and our capital level is among the best in our sector. TrustCo makes a time-tested and sound addition to any investment portfolio."
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 138 offices in New York, New Jersey, Vermont, Massachusetts and Florida. Trustco has a more than 100-year tradition of providing high-quality services, including a wide variety of deposit and loan products. In addition, Trustco Bank's Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. Trustco Bank is rated as one of the best performing savings banks in the country. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol
TRST
. For more information, visit
.
Forward-Looking Statements
All statements in this news release that are not historical are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future developments, results or periods. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. Examples of these include, but are not limited to: the effects of inflation and inflationary pressures and changes in monetary and fiscal policies and laws, including increases in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; changes in and uncertainty related to benchmark interest rates used to price loans and deposits; the geopolitical and macroeconomic impact of the war in Ukraine; the risks and uncertainties under the heading "Risk Factors" in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q; the other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo's cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. The forward-looking statements contained in this news release represent TrustCo management's judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.
Subsidiary: Trustco Bank
Contact: | Robert M. Leonard Executive Vice President (518) 381-3693 |
