TrustCo Bank Corp NY (NASDAQ:TRST) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

TrustCo Bank Corp NY (NASDAQ:TRST) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $41.36 and traded as high as $44.17. TrustCo Bank Corp NY shares last traded at $43.19, with a volume of 170,856 shares.

Analyst Ratings Changes

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

TrustCo Bank Corp NY Price Performance

The stock has a 50-day simple moving average of $44.16 and a 200 day simple moving average of $41.36. The company has a market capitalization of $764.89 million, a PE ratio of 13.29 and a beta of 0.61.

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

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 6th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, March 6th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 46.77%.

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

Institutional Trading of TrustCo Bank Corp NY

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in shares of TrustCo Bank Corp NY by 2,435.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock worth $26,000 after purchasing an additional 755 shares during the last quarter. Hantz Financial Services Inc. lifted its position in shares of TrustCo Bank Corp NY by 108.1% in the third quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock valued at $32,000 after acquiring an additional 453 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of TrustCo Bank Corp NY during the fourth quarter valued at $46,000. Godfrey Financial Associates Inc. acquired a new stake in shares of TrustCo Bank Corp NY during the fourth quarter valued at $56,000. Finally, Russell Investments Group Ltd. increased its position in TrustCo Bank Corp NY by 48.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,701 shares of the bank’s stock worth $62,000 after purchasing an additional 555 shares in the last quarter. Hedge funds and other 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.