GLENVILLE, N.Y. - TrustCo Bank Corp NY (NASDAQ:TRST) announced on Tuesday that its Board of Directors has declared a quarterly cash dividend of $0.36 per share, which translates to $1.44 annually. Shareholders of record by the close of business on December 6, 2024, will be eligible for the dividend, scheduled for disbursement on January 2, 2025.
Chairman, President, and CEO Robert J. McCormick (NYSE:MKC) commented on the company's performance, stating that TrustCo has consistently provided a solid return to its shareholders, attributing this to the company's outstanding long-term financial results. McCormick highlighted the company's strong income and capital levels, suggesting TrustCo as a stable investment in the financial sector.
TrustCo Bank Corp NY, with assets totaling $6.1 billion, is a savings and loan holding company. It operates through Trustco Bank, which has 138 branch locations across New York, New Jersey, Vermont, Massachusetts, and Florida. Trustco Bank is recognized for its century-long tradition of high-quality service, offering a range of banking products and wealth management services. The bank has been acknowledged as one of the top-performing savings banks in the United States.
The press release also contained forward-looking statements regarding the company's future, cautioning that such statements are subject to various factors and uncertainties that could cause actual results to differ from projections. TrustCo emphasized that these forward-looking statements are current as of the date of the release and that the company does not undertake to update them, except as required by law.
This announcement is based on a press release statement from TrustCo Bank Corp NY.
In other recent news, Trustpilot Group PLC has been given a Buy rating by Deutsche Bank (ETR:DBKGn) due to its strong position and value. The firm's analyst acknowledged Trustpilot's role as a global review platform, maintaining the authenticity of its reviews through an open-ended platform, a vast proprietary data set of approximately 300 million reviews, and numerous content integrity measures. Trustpilot's momentum has accelerated since achieving adjusted EBITDA break-even in FY23, with expectations of over 15% per annum top-line growth and more than 200 basis points per annum adjusted EBITDA margin expansion from FY24 to FY26E.
In other recent developments, TrustCo Bank Corp reported a net income of $12.9 million for the third quarter of 2024, marking a 2.6% increase from the previous quarter. This was highlighted by a record high in total loans, reaching nearly $5.1 billion, and a net interest margin that improved to 2.61%. Despite challenges posed by Hurricane Milton, the bank maintained strong credit quality with non-performing loans remaining stable at 0.38%. The bank's Wealth Management division managed approximately $1.3 billion in assets, with a focus on competitive product offerings and managing noninterest expenses for the upcoming quarter.
InvestingPro Insights
TrustCo Bank Corp NY's recent dividend declaration aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 3.96%, which is particularly attractive in the current market environment. This yield is supported by TrustCo's impressive dividend history, with InvestingPro Tips highlighting that the company has maintained dividend payments for 43 consecutive years and has raised its dividend for 3 consecutive years.
The bank's financial stability, as mentioned by CEO Robert J. McCormick, is reflected in its profitability metrics. InvestingPro data shows that TrustCo has a P/E ratio of 14.56, indicating a reasonable valuation relative to its earnings. Additionally, the company's operating income margin stands at a robust 39.49% for the last twelve months as of Q3 2024, demonstrating efficient operations.
However, investors should note that TrustCo faces some challenges. An InvestingPro Tip indicates that the company suffers from weak gross profit margins, which could impact future profitability. Despite this, TrustCo has shown strong price performance, with a 25.59% total return over the past six months.
For investors seeking a deeper understanding of TrustCo's financial health and prospects, InvestingPro offers 7 additional tips that could provide valuable insights for investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.