On September 14, 2023, Michael Ozimek, the Executive Vice President & CFO of Trustco Bank Corp N Y (TRST, Financial), purchased 1,900 shares of the company. This move is significant as insider buying can often be a positive indicator for the company's future performance.
But who is Michael Ozimek? Ozimek is a seasoned financial executive with a wealth of experience in the banking industry. As the Executive Vice President & CFO of Trustco Bank Corp N Y, he plays a crucial role in the company's financial planning and decision-making processes. His decision to increase his stake in the company is a strong vote of confidence in its future prospects.
Trustco Bank Corp N Y is a full-service bank that provides personal and business banking services to individuals, partnerships, and corporations. The bank operates through its subsidiary, Trustco Bank, which has over 140 branch locations in New York, New Jersey, Vermont, Massachusetts, and Florida. The company's services include loans, deposits, investment management, and other financial products.
Over the past year, the insider has purchased a total of 14,400 shares and has not sold any shares. This trend of insider buying is a positive sign as it indicates that the company's executives believe in its growth potential.
The insider transaction history for Trustco Bank Corp N Y shows a total of 29 insider buys over the past year, with no insider sells. This trend suggests that the company's insiders are confident about its future and are willing to invest their own money in it.
On the day of the insider's recent buy, shares of Trustco Bank Corp N Y were trading at $27.74, giving the company a market cap of $525.455 million. The price-earnings ratio is 7.08, which is lower than both the industry median of 8.39 and the company's historical median price-earnings ratio. This suggests that the stock may be undervalued.
According to the GuruFocus Value, which is an intrinsic value estimate based on historical multiples, a GuruFocus adjustment factor, and future business performance estimates, Trustco Bank Corp N Y is significantly undervalued. With a price of $27.74 and a GuruFocus Value of $39.31, the stock has a price-to-GF-Value ratio of 0.71.
In conclusion, the recent insider buying activity at Trustco Bank Corp N Y, coupled with the company's undervalued status, suggests that the stock could be a good investment opportunity. However, as always, potential investors should conduct their own research and consider their financial situation before making investment decisions.
