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

TrustCo Bank Corp NY (NASDAQ:TRST) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $40.80 and traded as high as $44.63. TrustCo Bank Corp NY shares last traded at $44.08, with a volume of 155,073 shares.

Wall Street Analyst Weigh In

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

TrustCo Bank Corp NY Trading Up 1.6%

The stock has a 50 day simple moving average of $43.69 and a 200 day simple moving average of $40.80. The firm has a market capitalization of $811.95 million, a PE ratio of 13.56 and a beta of 0.61.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its 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. TrustCo Bank Corp NY had a net margin of 21.96% and a return on equity of 8.86%. The firm had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $48.69 million. During the same quarter last year, the business earned $0.59 earnings per share.

TrustCo Bank Corp NY Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 6th will be given a $0.38 dividend. The ex-dividend date is Friday, March 6th. 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 presently 46.77%.

TrustCo Bank Corp NY declared that its board has initiated a share repurchase plan on Friday, December 19th that permits the company to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 0.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in TrustCo Bank Corp NY by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 1,300,043 shares of the bank’s stock valued at $53,731,000 after purchasing an additional 14,498 shares during the last quarter. Systematic Financial Management LP increased its stake in shares of TrustCo Bank Corp NY by 1.6% during the second quarter. Systematic Financial Management LP now owns 1,174,628 shares of the bank’s stock valued at $39,256,000 after buying an additional 18,803 shares during the period. State Street Corp raised its holdings in shares of TrustCo Bank Corp NY by 2.3% during the fourth quarter. State Street Corp now owns 905,841 shares of the bank’s stock valued at $37,771,000 after acquiring an additional 20,678 shares in the last quarter. HoldCo Asset Management LP raised its holdings in shares of TrustCo Bank Corp NY by 170.2% during the third quarter. HoldCo Asset Management LP now owns 872,744 shares of the bank’s stock valued at $31,681,000 after acquiring an additional 549,729 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in TrustCo Bank Corp NY by 10.0% in the third quarter. American Century Companies Inc. now owns 514,237 shares of the bank’s stock worth $18,667,000 after acquiring an additional 46,881 shares during the period. Hedge funds and other institutional investors own 68.57% of the company’s stock.

About TrustCo Bank Corp NY

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.