TrustCo Bank Corp NY (NASDAQ:TRST) Shares Cross Above 200-Day Moving Average – What’s Next?

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $39.70 and traded as high as $46.20. TrustCo Bank Corp NY shares last traded at $45.22, with a volume of 122,916 shares traded.

Analyst Upgrades and Downgrades

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

TrustCo Bank Corp NY Stock Performance

The company has a 50 day moving average of $43.27 and a 200-day moving average of $39.70. The stock has a market cap of $832.95 million, a price-to-earnings ratio of 13.91 and a beta of 0.62.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.05. The business had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $48.69 million. TrustCo Bank Corp NY had a net margin of 21.96% and a return on equity of 8.86%. During the same quarter in the prior year, the company earned $0.59 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.4%. TrustCo Bank Corp NY’s payout ratio is currently 46.77%.

TrustCo Bank Corp NY announced that its board has authorized a share buyback program on Friday, December 19th that permits the company to buyback $2.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 0.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of hedge funds and other institutional investors have recently modified their holdings of TRST. EverSource Wealth Advisors LLC raised its stake in TrustCo Bank Corp NY by 2,435.5% in the second quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock valued at $26,000 after buying an additional 755 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of TrustCo Bank Corp NY by 108.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $32,000 after acquiring an additional 453 shares in the last quarter. Godfrey Financial Associates Inc. purchased a new stake in TrustCo Bank Corp NY during the fourth quarter worth approximately $56,000. Russell Investments Group Ltd. boosted its holdings in TrustCo Bank Corp NY by 48.4% in the third quarter. Russell Investments Group Ltd. now owns 1,701 shares of the bank’s stock valued at $62,000 after purchasing an additional 555 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in TrustCo Bank Corp NY by 21.9% in the third quarter. GAMMA Investing LLC now owns 2,313 shares of the bank’s stock valued at $84,000 after purchasing an additional 415 shares during the last quarter. 68.57% of the stock is currently owned by institutional investors and hedge funds.

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.