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

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-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 trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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, TrustCo Bank Corp NY presently has an average rating of “Buy”.

TrustCo Bank Corp NY Stock Performance

The company has a market cap of $821.35 million, a P/E ratio of 13.72 and a beta of 0.61. The firm’s fifty day moving average is $43.75 and its two-hundred day moving average is $40.89.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.85 EPS 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 business had revenue of $48.17 million for the quarter, compared to the consensus estimate of $48.69 million. During the same period in the previous year, the business earned $0.59 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, March 6th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 46.77%.

TrustCo Bank Corp NY announced that its board has initiated a stock repurchase plan on Friday, December 19th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 0.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in TrustCo Bank Corp NY by 11.4% during the 4th quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock valued at $107,000 after purchasing an additional 264 shares in the last quarter. Gabelli Funds LLC grew its position in TrustCo Bank Corp NY by 0.6% during the 2nd quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock worth $2,531,000 after purchasing an additional 425 shares during the last quarter. Hantz Financial Services Inc. increased its stake in TrustCo Bank Corp NY by 108.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock valued at $32,000 after purchasing an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in TrustCo Bank Corp NY by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock valued at $336,000 after purchasing an additional 468 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of 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 worth $62,000 after buying an additional 555 shares during the last quarter. 68.57% of the stock is owned by hedge funds and other institutional investors.

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.