Piermont Capital Management Inc. Has $909,000 Stake in TrustCo Bank Corp NY (TRST)

Piermont Capital Management Inc. cut its holdings in shares of TrustCo Bank Corp NY (NASDAQ:TRST) by 7.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 106,940 shares of the bank’s stock after selling 8,240 shares during the period. Piermont Capital Management Inc.’s holdings in TrustCo Bank Corp NY were worth $909,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Spark Investment Management LLC bought a new stake in TrustCo Bank Corp NY during the second quarter worth approximately $352,000. Dimensional Fund Advisors LP raised its holdings in TrustCo Bank Corp NY by 2.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,673,104 shares of the bank’s stock worth $50,491,000 after purchasing an additional 123,439 shares in the last quarter. Alps Advisors Inc. bought a new stake in TrustCo Bank Corp NY during the second quarter worth approximately $544,000. Metropolitan Life Insurance Co. NY raised its holdings in TrustCo Bank Corp NY by 32.7% during the second quarter. Metropolitan Life Insurance Co. NY now owns 34,590 shares of the bank’s stock worth $308,000 after purchasing an additional 8,516 shares in the last quarter. Finally, Systematic Financial Management LP raised its holdings in TrustCo Bank Corp NY by 10.6% during the second quarter. Systematic Financial Management LP now owns 1,031,934 shares of the bank’s stock worth $9,184,000 after purchasing an additional 99,239 shares in the last quarter. Institutional investors and hedge funds own 61.67% of the company’s stock.

Several equities research analysts recently commented on the company. ValuEngine cut TrustCo Bank Corp NY from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. BidaskClub raised TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a report on Thursday, October 11th.

In related news, Director Gennaro Dennis A. De purchased 5,000 shares of the company’s stock in a transaction on Monday, November 5th. The shares were bought at an average price of $7.63 per share, with a total value of $38,150.00. Following the completion of the acquisition, the director now owns 104,568 shares of the company’s stock, valued at $797,853.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:TRST opened at $7.79 on Tuesday. TrustCo Bank Corp NY has a 12 month low of $7.26 and a 12 month high of $9.70. The company has a market cap of $758.77 million, a P/E ratio of 13.08 and a beta of 1.02.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its earnings results on Monday, October 22nd. The bank reported $0.16 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.16. TrustCo Bank Corp NY had a return on equity of 12.39% and a net margin of 27.07%. The firm had revenue of $44.98 million for the quarter.

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TrustCo Bank Corp NY Profile

TrustCo Bank Corp NY operates as the holding company for Trustco Bank that provides personal and business banking services to individuals, partnerships, and corporations. The company is primarily involved in accepting deposits, and making 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.

Further Reading: No Load Funds

Want to see what other hedge funds are holding TRST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TrustCo Bank Corp NY (NASDAQ:TRST).

Institutional Ownership by Quarter for TrustCo Bank Corp NY (NASDAQ:TRST)

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