Stock Repurchase Program Declared by TrustCo Bank Corp NY (NASDAQ:TRST) Board

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

TrustCo Bank Corp NY Price Performance

NASDAQ:TRST opened at $30.38 on Wednesday. The firm has a market capitalization of $577.52 million, a P/E ratio of 11.82 and a beta of 0.80. TrustCo Bank Corp NY has a 1-year low of $25.83 and a 1-year high of $38.89. The company’s fifty day moving average price is $32.09 and its 200-day moving average price is $33.55.

TrustCo Bank Corp NY (NASDAQ:TRST) last released 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 net margin of 18.56% and a return on equity of 7.37%.

TrustCo Bank Corp NY Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date is Friday, March 7th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 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.