Hedge Funds Are Betting On TrustCo Bank Corp NY (TRST)

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.

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.