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TrustCo Bank announces stock buyback program

TrustCo Bank Corp NY (NASDAQ: TRST) said last week that its Board of Directors had authorized a stock repurchase program.

Under the latter, the company may buy back up to 200,000 shares of its common stock, or about 1% of its current outstanding shares.

Share repurchases may be conducted in open market or private transactions, via block trades, or pursuant to any trading plan that may be adopted according to Rule 10b5-1 of the Securities and Exchange Commission.

Stock Performance

The shares of TrustCo Bank Corp NY (TRST) closed 1.08% ($0.30) higher at $28.16 on Nasdaq on Thursday, as they extended the gain from the previous market session.

The company’s total market cap now stands at $535.727 million.

The shares of TrustCo Bank Corp NY (TRST) went down 17.40% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 9.31% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, the 1 surveyed investment analyst offering 12-month price target for TrustCo Bank Corp’s stock had rated the latter as “Sell”. The median price target on the stock stands at $29.00, which translates into a 2.98% upside compared to the closing price on Thursday.

The high point of the analyst forecast range stands at $29.00.

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