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

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $48.61 and traded as high as $58.45. TrustCo Bank Corp NY shares last traded at $57.74, with a volume of 99,658 shares.

Wall Street Analysts Forecast Growth

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

TrustCo Bank Corp NY Stock Down 1.1%

The firm has a market capitalization of $983.25 million, a P/E ratio of 15.62 and a beta of 0.62. The business’s 50-day simple moving average is $54.46 and its 200 day simple moving average is $48.70.

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

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, June 5th. TrustCo Bank Corp NY’s dividend payout ratio is currently 42.22%.

Institutional Trading of TrustCo Bank Corp NY

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