TrustCo Bank Corp NY (NASDAQ:TRST) Stock Price Passes Above 200 Day Moving Average – Here’s Why

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $38.43 and traded as high as $42.67. TrustCo Bank Corp NY shares last traded at $42.44, with a volume of 82,974 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The firm has a market capitalization of $781.91 million, a price-to-earnings ratio of 14.19 and a beta of 0.63. The firm’s 50-day simple moving average is $41.85 and its 200 day simple moving average is $38.43.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its earnings results on Tuesday, October 21st. The bank reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.13. The firm had revenue of $47.81 million for the quarter, compared to analysts’ expectations of $47.27 million. TrustCo Bank Corp NY had a return on equity of 8.27% and a net margin of 20.74%.During the same quarter in the previous year, the business posted $0.68 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. TrustCo Bank Corp NY’s payout ratio is 50.84%.

TrustCo Bank Corp NY declared that its board has initiated a share buyback program on Friday, December 19th that authorizes the company to buyback $2.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 0.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of TrustCo Bank Corp NY

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC boosted its holdings in shares of TrustCo Bank Corp NY by 49.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock valued at $128,000 after acquiring an additional 1,380 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in TrustCo Bank Corp NY by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock valued at $336,000 after purchasing an additional 468 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of TrustCo Bank Corp NY during the first quarter valued at about $560,000. Intech Investment Management LLC grew its holdings in shares of TrustCo Bank Corp NY by 374.2% during the first quarter. Intech Investment Management LLC now owns 52,640 shares of the bank’s stock worth $1,604,000 after purchasing an additional 41,540 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of TrustCo Bank Corp NY in the first quarter valued at approximately $442,000. Institutional investors own 68.57% of the company’s stock.

TrustCo Bank Corp NY Company Profile

TrustCo Bank Corp. NY (NASDAQ: TRST) is a bank holding company headquartered in Glens Falls, New York, that provides a full suite of community banking and financial services primarily across upstate New York and western Massachusetts. Through its wholly owned subsidiary, Trustco Bank, the company offers deposit products such as checking and savings accounts, as well as consumer, residential mortgage, and commercial lending solutions. Additional services include wealth management, trust administration, and insurance products tailored to the needs of individuals, businesses and nonprofit organizations.

Founded in 1902 as the Glens Falls Trust Company, TrustCo Bank has grown steadily through organic branch expansion and acquisitions of locally based banks.