TrustCo Bank Corp NY (NASDAQ:TRST) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $41.52 and traded as high as $44.02. TrustCo Bank Corp NY shares last traded at $43.78, with a volume of 111,868 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Up 1.5%

The stock has a fifty day moving average of $44.17 and a 200-day moving average of $41.52. The stock has a market capitalization of $775.39 million, a price-to-earnings ratio of 13.47 and a beta of 0.61.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings data on Wednesday, January 21st. The bank reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $48.69 million. During the same quarter last year, the company earned $0.59 earnings per share.

TrustCo Bank Corp NY Announces Dividend

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 paid a $0.38 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.52 dividend on an annualized basis and a yield of 3.5%. TrustCo Bank Corp NY’s payout ratio is currently 46.77%.

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

Hedge Funds Weigh In On TrustCo Bank Corp NY

Several institutional investors have recently added to or reduced their stakes in the stock. DUTCH ASSET Corp acquired a new stake in TrustCo Bank Corp NY during the 4th quarter worth approximately $215,000. Empowered Funds LLC increased its holdings in shares of TrustCo Bank Corp NY by 10.8% in the fourth quarter. Empowered Funds LLC now owns 85,474 shares of the bank’s stock valued at $3,533,000 after purchasing an additional 8,312 shares during the period. Susquehanna Fundamental Investments LLC increased its holdings in shares of TrustCo Bank Corp NY by 105.8% in the fourth quarter. Susquehanna Fundamental Investments LLC now owns 16,680 shares of the bank’s stock valued at $689,000 after purchasing an additional 8,575 shares during the period. Bridgeway Capital Management LLC raised its stake in shares of TrustCo Bank Corp NY by 6.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 132,154 shares of the bank’s stock worth $5,462,000 after purchasing an additional 8,312 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of TrustCo Bank Corp NY by 5.6% during the fourth quarter. AQR Capital Management LLC now owns 146,043 shares of the bank’s stock worth $6,036,000 after purchasing an additional 7,763 shares during the period. Institutional investors and hedge funds 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.