Trustco Bank (TRST) Declares $0.36 Dividend
Trustco Bank said on May 16, 2023 that its board of directors declared a regular quarterly dividend of $0.36 per share ($1.44 annualized). Previously, the company paid $0.36 per share.
Shares must be purchased before the ex-div date of June 1, 2023 to qualify for the dividend. Shareholders of record as of June 2, 2023 will receive the payment on July 3, 2023.
At the current share price of $29.07 / share, the stock's dividend yield is 4.95%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.93%, the lowest has been 2.84%, and the highest has been 6.03%. The standard deviation of yields is 0.59 (n=237).
The current dividend yield is 1.75 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.36. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.06%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 409 funds or institutions reporting positions in Trustco Bank. This is an increase of 10 owner(s) or 2.51% in the last quarter. Average portfolio weight of all funds dedicated to TRST is 0.09%, a decrease of 6.31%. Total shares owned by institutions increased in the last three months by 0.64% to 15,213K shares. 
The put/call ratio of TRST is 24.22, indicating a bearish outlook.
Analyst Price Forecast Suggests 1.75% Downside
As of May 11, 2023, the average one-year price target for Trustco Bank is 28.56. The forecasts range from a low of 28.28 to a high of $29.40. The average price target represents a decrease of 1.75% from its latest reported closing price of 29.07.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Trustco Bank is 214MM, an increase of 4.28%. The projected annual non-GAAP EPS is 3.98.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 1,238K shares representing 6.51% ownership of the company. In it's prior filing, the firm reported owning 1,208K shares, representing an increase of 2.38%. The firm increased its portfolio allocation in TRST by 11.50% over the last quarter.
Systematic Financial Management holds 819K shares representing 4.30% ownership of the company. In it's prior filing, the firm reported owning 798K shares, representing an increase of 2.48%. The firm decreased its portfolio allocation in TRST by 27.73% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 549K shares representing 2.89% ownership of the company. In it's prior filing, the firm reported owning 546K shares, representing an increase of 0.49%. The firm increased its portfolio allocation in TRST by 11.02% over the last quarter.
Franklin Resources holds 526K shares representing 2.77% ownership of the company. In it's prior filing, the firm reported owning 526K shares, representing an increase of 0.02%. The firm decreased its portfolio allocation in TRST by 81.80% over the last quarter.
TEMGX - Templeton Global Smaller Companies Fund holds 462K shares representing 2.43% ownership of the company. No change in the last quarter.
Trustco Bank Background Information
(This description is provided by the company.)
TrustCo Bank Corp NY is a $5.7 billion savings and loan holding company. Through its subsidiary, Trustco Bank, Trustco operates 148 offices in New York, New Jersey, Vermont, Massachusetts and Florida. Trustco has a more than 100-year tradition of providing high-quality services, including a wide variety of deposit and loan products. In addition, Trustco Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services. Trustco Bank is rated as one of the best performing savings banks in the country.
Key filings for this company:
This story originally appeared on Fintel.