GLENVILLE, N.Y. - TrustCo Bank Corp NY (NASDAQ:TRST) has declared a quarterly cash dividend of $0.36 per share, continuing its over a century-long history of consistent shareholder payouts. The dividend, announced on Tuesday, is payable on July 1, 2024, to shareholders who are on record as of June 7, 2024.
Chairman, President, and CEO of TrustCo, Robert J. McCormick (NYSE:MKC), emphasized the company's commitment to reliability, especially in uncertain economic times. He noted that the bank has maintained a tradition of paying dividends every quarter since 1904, attributing this achievement to the company's robust operations and prudent management.
TrustCo Bank Corp NY, with a market capitalization of $6.2 billion, operates as a savings and loan holding company. Its subsidiary, Trustco Bank, serves customers through 139 offices across New York, New Jersey, Vermont, Massachusetts, and Florida.
The bank offers a range of services, including deposit accounts, loan products, wealth management, retirement planning, and trust and estate administration services. It is recognized as one of the top-performing savings banks in the United States.
The forward-looking statements in the press release reflect management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially. These include changes in economic conditions, monetary and fiscal policies, the ongoing effects of the COVID-19 pandemic, and other factors detailed in the company's SEC filings.
This dividend declaration is based on a press release statement from TrustCo Bank Corp NY and is intended to inform shareholders and the investment community of the company's latest financial distribution.
InvestingPro Insights
As TrustCo Bank Corp NY (NASDAQ:TRST) continues its legacy of delivering shareholder value through consistent dividends, the company’s financial health remains a vital aspect for investors.
According to the latest data from InvestingPro, TrustCo has a market capitalization of $548.47 million and an attractive dividend yield of 5.02%, as of the last dividend ex-date, which was February 29, 2024. This yield is a significant consideration for income-focused investors, reflecting the company's ability to sustain its dividend payments over time.
InvestingPro Tips reveal that TrustCo has increased its dividend for three consecutive years and has impressively maintained dividend payments for 43 consecutive years, showcasing a strong commitment to returning value to shareholders.
Still, analysts also caution about the company’s weak gross profit margins and anticipate a drop in net income this year. Despite these challenges, the company is expected to remain profitable, with a reported operating income margin of 41.81% over the last twelve months as of Q1 2024.
For investors looking for detailed analysis and additional insights, InvestingPro offers more tips on TrustCo and other companies. For instance, there are 6 additional InvestingPro Tips available for TrustCo, which can help investors make more informed decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to valuable insights that could shape your investment strategy.
With a P/E ratio of 10.3, TrustCo’s stock is trading at a level that could be appealing for value investors, especially when considering the company’s history of profitability and shareholder returns. However, it’s important to note the revenue decline of 13.23% over the last twelve months as of Q1 2024, which may require close monitoring by current and potential investors. The InvestingPro Fair Value estimate stands at $35.54, suggesting potential upside from the previous close price of $28.67.
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