We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article we look at what those investors think of TrustCo Bank Corp NY (NASDAQ:TRST).
TrustCo Bank Corp NY (NASDAQ:TRST) investors should be aware of an increase in support from the world’s most elite money managers lately. TRST was in 8 hedge funds’ portfolios at the end of the third quarter of 2015. There were 4 hedge funds in our database with TRST holdings at the end of the previous quarter. At the end of this article we will also compare TRST to other stocks including Air Transport Services Group Inc. (NASDAQ:ATSG), Sapiens International Corporation N.V. (NASDAQ:SPNS), and Bryn Mawr Bank Corp. (NASDAQ:BMTC) to get a better sense of its popularity.
Follow Trustco Bank Corp N Y (NASDAQ:TRST)
Follow Trustco Bank Corp N Y (NASDAQ:TRST)
In the eyes of most investors, hedge funds are seen as unimportant, outdated financial tools of years past. While there are more than 8000 funds in operation at present, We hone in on the aristocrats of this club, approximately 700 funds. It is estimated that this group of investors oversee most of the hedge fund industry’s total capital, and by watching their highest performing investments, Insider Monkey has uncovered many investment strategies that have historically outstripped the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy outpaced the S&P 500 index by 12 percentage points a year for a decade in their back tests.
Keeping this in mind, we’re going to review the recent action regarding TrustCo Bank Corp NY (NASDAQ:TRST).
How are hedge funds trading TrustCo Bank Corp NY (NASDAQ:TRST)?
At Q3’s end, a total of 8 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 100% from one quarter earlier. With the smart money’s capital changing hands, there exist a few noteworthy hedge fund managers who were increasing their stakes significantly (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the biggest position in TrustCo Bank Corp NY (NASDAQ:TRST). Royce & Associates has an $53 million position in the stock, comprising 0.3% of its 13F portfolio. The second largest stake is held by Jim Simons of Renaissance Technologies, with an $2.9 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other members of the smart money that hold long positions consist of Ken Gray and Steve Walsh’s Bryn Mawr Capital, Ken Griffin’s Citadel Investment Grou, and Israel Englander’s Millennium Management.
Now, key money managers were breaking ground themselves. Bryn Mawr Capital, managed by Ken Gray and Steve Walsh, created the largest position in TrustCo Bank Corp NY (NASDAQ:TRST). Bryn Mawr Capital had $1.5 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated an $1 million position during the quarter. The other funds with brand new TRST positions are D. E. Shaw’s D E Shaw and Michael Platt and William Reeves’s BlueCrest Capital Mgmt..
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as TrustCo Bank Corp NY (NASDAQ:TRST) but similarly valued. We will take a look at Air Transport Services Group Inc. (NASDAQ:ATSG), Sapiens International Corporation N.V. (NASDAQ:SPNS), Bryn Mawr Bank Corp. (NASDAQ:BMTC), and MYR Group Inc (NASDAQ:MYRG). This group of stocks’ market valuations resemble TRST’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| ATSG | 19 | 196825 | -3 |
| SPNS | 10 | 27572 | 4 |
| BMTC | 8 | 32216 | -1 |
| MYRG | 14 | 79816 | -2 |
As you can see these stocks had an average of 12.75 hedge funds with bullish positions and the average amount invested in these stocks was $84 million. That figure was $61 million in TRST’s case. Air Transport Services Group Inc. (NASDAQ:ATSG) is the most popular stock in this table. On the other hand Bryn Mawr Bank Corp. (NASDAQ:BMTC) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks TrustCo Bank Corp NY (NASDAQ:TRST) is even less popular than BMTC. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and try to comperhend why the smart money isn’t behind this stock.
