TrustCo Bank Corp NY, one of the leading savings banks in the United States, has declared a quarterly cash dividend of $0.36 per share, amounting to $1.44 annually. The dividend will be paid on January 2, 2025, to shareholders of record as of December 6, 2024, according to a press release issued on November 19, 2024.
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Robert J. McCormick, Chairman, President, and CEO of TrustCo Bank Corp NY, emphasized in the release: “TrustCo has consistently delivered stable returns to its shareholders. Outstanding financial performance over the long term makes this possible. Our team continues to deliver exceptional income and maintains one of the strongest capital levels in the banking sector. TrustCo is a time-tested and reliable addition to any investment portfolio.”
A Legacy of Success and Longevity
TrustCo Bank Corp NY, with assets totaling $6.1 billion, operates 138 branches across New York, New Jersey, Vermont, Massachusetts, and Florida. With a history spanning over 100 years, the bank has built a solid reputation for offering high-quality financial services, including deposit products, loans, and wealth management.
The bank’s Wealth Management Department provides a comprehensive range of investment services, retirement planning, and trust and estate administration, reinforcing its position as one of the best-performing savings banks in the country. TrustCo’s shares are traded on the NASDAQ under the symbol TRST.
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Insider Trading and Institutional Investments
In the past six months, insider trading activity on TRST shares has included:
- Kevin M. Curley, Executive Vice President and COO, purchased 551 shares.
- Steffani Cotugno acquired 400 shares.
Institutional investors have also made notable adjustments to their portfolios in Q3 2024:
- Systematic Financial Management LP added 161,001 shares (+17.0%).
- Verition Fund Management LLC increased its holdings by 75,594 shares (+35.2%).
- American Century Companies Inc added 41,311 shares (+12.5%).
However, some institutions reduced their positions, such as Cramer Rosenthal McGlynn LLC, which sold all 124,671 shares (-100.0%).
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These shifts indicate growing interest in TrustCo’s stability and profitability while reflecting some cautious adjustments in response to market dynamics.
Strong Financial Performance
In Q3 2024, TrustCo reported a media segment revenue of $8.23 billion, a nearly 37% increase compared to the previous year, driven primarily by the Summer Olympics. Excluding the Olympics, revenue still grew by approximately 5%, demonstrating the bank’s robust and stable financial foundation.
Positive Outlook for Shareholders
TrustCo’s commitment to stable dividends and its ability to generate consistent financial results underline its focus on delivering value to shareholders. With over a century of success, TrustCo has proven itself not just as a financial institution but as a symbol of security and sustainable profitability in the banking industry.
This dividend announcement is a positive signal for investors, especially during uncertain times in the global financial markets. TrustCo continues to solidify its reputation as a reliable and attractive option for long-term investment portfolios.
