Trustco Bank Corp NY (NASDAQ:TRST) continues to soar 100 years later since inception. On May 21, 2019 the veteran commercial bank announced a juicy quarterly or annual cash dividend of $0.068125 or $0.2725 per share respectively. The declaration is in line with the company’s long-standing commitment to pay shareholders a cash dividend each year. The recently declared payout is expected to hit eligible shareholders’ accounts on the first day of July, 2019.
Robert J. McCormick, TrustCo’s President and CEO was delighted by the company’s outstanding performance that has made it possible for the Board of Directors to approve the solid cash dividend. McCormick further added that the board is confident in the balance sheet might and the opportunity it presents to continue upholding the decade-old tradition.
TrustCo’s portfolio continues to grow leaps and bounds. The company currently has approximately 150 offices spread out across New York City, Florida, Vermont and Massachusetts. Over the years, the company has diversified from conventional deposit products to w wide array of financial services including retirement plans, Investment services, and Trusts and Estate management.
Investors’ Confidence in TrustCo
TrustCo’s impressive financials has appealed to several stakeholders with many increasing their ownership in the company. As of Q1219, Systematic Financial Management LP upgraded its ownership in TrustCo by 0.7%. According to the recent SEC filing, the company owned over 1M shares of TrustCo after adding extra 7,638 shares. This gives Systemic Management a 1.09% ownership of TrustCo valued at the upside of $8M.
Other institutional investors also adjusted their holdings in TrustCo either positively or negative. Oregon Public Employees Retirement Fund for instance invested addition $37,000 in the company. Capital Planning LLC on its part splashed roughly $58,000 in TrustCo. Hsbc Holdings PLC bought shares worth $76,000 with Magnus Financial Group LLC gaining ownership estimated at $83,000. This expresses investors’ renewed enthusiasms in the affairs of the company.
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