In a recent transaction, Kevin M. Curley, the Executive Vice President and COO of Trustco Bank Corp NY (NASDAQ:TRST), purchased shares of the company's common stock, signaling confidence in the financial institution's future. The transaction, which took place on June 4, 2024, involved the acquisition of 551 shares at a weighted average price range of $27.20 to $27.23, amounting to a total investment of approximately $14,992.
Curley's purchase was executed through multiple open market transactions, as disclosed in the company's latest SEC filing. Following this acquisition, Curley's direct ownership in Trustco Bank Corp NY increased to a total of 35,523 shares. Additionally, the SEC filing mentioned shares owned indirectly, with 152 shares being held by Curley's wife.
This move by an executive of the company is often seen as a positive sign by investors, as it reflects a leadership's personal stake and belief in the company's potential and stability. Trustco Bank Corp NY, with its long-standing history as a state commercial bank, continues to show resilience and growth, with executive transactions like these further solidifying investor confidence in the company's direction and governance.
Investors and market watchers often pay close attention to such filings to gauge insider sentiment and to better understand how the top brass at publicly traded companies are handling their stock ownership positions. The recent acquisition by Curley reaffirms the executive's commitment to Trustco Bank Corp NY as it navigates the financial landscape.
In other recent news, TrustCo Bank (NASDAQ:TRST) Corp NY announced a quarterly cash dividend of $0.36 per share, continuing its tradition of consistent shareholder payouts since 1904. This dividend is payable to shareholders on record as of June 7, 2024. In other developments, TrustCo Bank reported a strong start to 2024, with first-quarter results indicating a significant increase in its loan portfolio and net income. The bank's loan portfolio surpassed the $5 billion mark, and net income for the quarter stood at $12.1 million, marking a 23.13% rise from the previous quarter. TrustCo also announced a reauthorized stock repurchase program. These recent developments reflect TrustCo's commitment to robust operations and prudent management. The bank anticipates continued loan growth and positive results in the upcoming quarters, according to recent analyst notes.
InvestingPro Insights
In light of the recent stock purchase by Kevin M. Curley, Executive Vice President and COO of Trustco Bank Corp NY, it's pertinent to delve into the company's financial health and future prospects through a detailed analysis of InvestingPro data and tips.
With a market capitalization of $521.27 million, Trustco Bank Corp NY demonstrates a significant presence in the financial sector. The company's P/E ratio, which stands at 9.82, suggests that its stock is reasonably valued compared to earnings, a factor that may have influenced Curley's decision to increase his stake. Additionally, the company has a strong operating income margin of 41.81% for the last twelve months as of Q1 2024, indicating efficient management and profitability.
One of the notable InvestingPro Tips is that Trustco Bank Corp NY has maintained dividend payments for an impressive 43 consecutive years, which is a testament to its financial stability and commitment to shareholder returns. This, coupled with a substantial dividend yield of 5.27%, makes it an attractive investment for income-seeking shareholders.
While the company is expected to remain profitable this year, it is important to note that net income is projected to drop, and the company suffers from weak gross profit margins. These factors could be critical for investors who are considering the long-term growth and profitability of Trustco Bank Corp NY.
For those interested in exploring further, there are additional InvestingPro Tips available that could provide deeper insights into the company's financial nuances. By visiting https://www.investing.com/pro/TRST, investors can access a comprehensive list of tips to better inform their investment decisions. Moreover, using the coupon code PRONEWS24, new subscribers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to valuable investment tools and data.
Trustco Bank Corp NY's resilience and Curley's recent investment activity may serve as a beacon of confidence for current and potential investors, especially when viewed in conjunction with the company's solid dividend history and financial metrics.
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