|Over a week ago|
Trustco Bank announces 2M share repurchase program » 17:0202/1802/18/21
TrustCo Bank announced…
TrustCo Bank announced that its Board of Directors has approved a stock repurchase program. Under the stock repurchase program, TrustCo may repurchase up to 2,000,000 shares of its common stock, or approximately 2% of its current outstanding shares. If TrustCo's previously announced proposed reverse stock split is consummated, the then remaining number of shares subject to the repurchase program will be proportionately adjusted. The repurchase program will permit shares to be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management's discretion over the next twelve months at prices management considers to be attractive and in the best interests of both TrustCo and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and TrustCo's financial performance. Open market purchases will be conducted in accordance with applicable legal requirements.
Trustco Bank to seek approval of reverse stock split » 16:3702/1602/16/21
The Board of Directors of…
The Board of Directors of TrustCo Bank Corp NY announced that it plans to seek approval for a reverse stock split of TrustCo's common stock at the upcoming annual meeting of TrustCo's shareholders. The proposal will include a 1 for 5 reverse stock split and the reduction of the number of authorized shares of common stock from 150,000,000 to 30,000,000, as determined by TrustCo's Board of Directors. This proposed reduction in authorized shares would become effective at the same time as the effective date of the proposed reverse stock split.The time, date, location and other details regarding the annual meeting will be communicated to shareholders at a later date via proxy materials which will be filed with, and subject to review by, the Securities and Exchange Commission.TrustCo's Board of Directors reserves its right to elect not to proceed with the reverse stock split if it determines that implementing a reverse split is no longer in the best interests of TrustCo and its shareholders. I
|Over a month ago|
Trustco Bank downgraded to Neutral from Overweight at Piper Sandler » 06:1301/2501/25/21
Piper Sandler analyst…
Piper Sandler analyst Alexander Twerdah downgraded Trustco Bank to Neutral from Overweight with an unchanged price target of $8. The analyst believes the stock is approaching fair value
|Over a quarter ago|
Trustco Bank reports Q21 EPS 11.7c, consensus 11c » 16:1707/2107/21/20
The second quarter of…
The second quarter of 2020 saw continued loan and deposit growth. Our focus on traditional lending criteria and conservative balance sheet management has produced consistent earnings while maintaining strong liquidity and growing capital. This approach allowed us to continue to expand our business and take advantage of changes in market and competitive conditions. As mentioned last quarter, the pandemic has created an uncertain future, and we believe we continue to be well-positioned to help our customers through this economic disruption and turmoil. We also continue to hire across our locations for all levels of staff. As we enter the second half of 2020 and beyond, management views the Bank as well-positioned to deploy its existing liquidity into our residential loan portfolio and we will continue to closely monitor how the current market conditions change.
Trustco Bank upgraded to Overweight from Neutral at Piper Sandler » 06:0504/2304/23/20
Piper Sandler analyst…
Piper Sandler analyst Alexander Twerdah upgraded Trustco Bank to Overweight from Neutral with a price target of $6.50, up from $5.50. The company's "well-capitalized," lower credit risk and "liquid" balance sheet is built to weather a challenging economic environment, Twerdah tells investors in a research note. The analyst views the 37% pullback in the shares over the past three months as creating an attractive entry point.
Trustco Bank suspends stock repurchase plan » 17:3204/1604/16/20
TrustCo Bank announced…
TrustCo Bank announced that the company has chosen to suspend the stock repurchase program where TrustCo may repurchase up to 1M shares of its common stock, or approximately 1% of its current outstanding shares. The company repurchased 489,000 shares of common stock during the first quarter of 2020 for an aggregate purchase price of approximately $3.5 million under its repurchase program.