TrustCo Bank Corp NY (NASDAQ:TRST) Reaches New 1-Year High – Still a Buy?

TrustCo Bank Corp NY (NASDAQ:TRST) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $57.15 and last traded at $56.7950, with a volume of 4195 shares trading hands. The stock had previously closed at $56.45.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, June 8th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The company’s 50 day moving average price is $53.37 and its 200 day moving average price is $47.81. The firm has a market capitalization of $1.00 billion, a P/E ratio of 15.93 and a beta of 0.62.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $0.98 earnings per share for the quarter. TrustCo Bank Corp NY had a net margin of 22.76% and a return on equity of 9.62%. The business had revenue of $51.50 million during the quarter.

TrustCo Bank Corp NY Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, June 5th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 42.22%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Several hedge funds have recently added to or reduced their stakes in TRST. EverSource Wealth Advisors LLC boosted its stake in shares of TrustCo Bank Corp NY by 2,435.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock valued at $26,000 after purchasing an additional 755 shares during the last quarter. Kestra Advisory Services LLC bought a new position in TrustCo Bank Corp NY in the fourth quarter valued at approximately $46,000. Godfrey Financial Associates Inc. bought a new position in TrustCo Bank Corp NY in the fourth quarter valued at approximately $56,000. Hantz Financial Services Inc. grew its holdings in TrustCo Bank Corp NY by 65.7% during the 4th quarter. Hantz Financial Services Inc. now owns 1,445 shares of the bank’s stock worth $60,000 after acquiring an additional 573 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings 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 acquiring an additional 555 shares during the period. 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.