TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 52-Week High – Here’s Why

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $55.00 and last traded at $54.69, with a volume of 123776 shares changing hands. The stock had previously closed at $53.92.

Analysts Set New Price Targets

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

TrustCo Bank Corp NY Stock Performance

The stock has a market capitalization of $955.98 million, a P/E ratio of 16.04 and a beta of 0.62. The company’s fifty day simple moving average is $48.42 and its two-hundred day simple moving average is $45.22.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings results on Tuesday, April 21st. The bank reported $0.91 earnings per share for the quarter. The firm had revenue of $49.55 million for the quarter. TrustCo Bank Corp NY had a net margin of 22.42% and a return on equity of 9.21%.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, June 5th. TrustCo Bank Corp NY’s dividend payout ratio is presently 44.57%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew 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 in the last quarter. Hantz Financial Services Inc. boosted its position in shares of TrustCo Bank Corp NY by 108.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $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 4th quarter worth approximately $46,000. Godfrey Financial Associates Inc. acquired a new stake in shares of TrustCo Bank Corp NY during the 4th quarter worth approximately $56,000. Finally, Russell Investments Group Ltd. boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds 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.