TrustCo Bank Corp NY (NASDAQ:TRST) Sets New 52-Week High – Time to Buy?

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price reached a new 52-week high during trading on Wednesday. The stock traded as high as $59.96 and last traded at $58.2760, with a volume of 5,648 shares. The stock had previously closed at $57.40.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded TrustCo Bank Corp NY from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, October 23rd. 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 Stock Up 1.9%

The firm has a market capitalization of $995.83 million, a PE ratio of 15.52 and a beta of 0.65. The firm’s fifty day simple moving average is $56.09 and its 200-day simple moving average is $51.04.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $1.02 EPS for the quarter. The firm had revenue of $51.86 million for the quarter. TrustCo Bank Corp NY had a net margin of 22.83% and a return on equity of 10.00%.

TrustCo Bank Corp NY Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 4th were given a $0.40 dividend. This is a boost from TrustCo Bank Corp NY’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.60 annualized dividend and a yield of 2.7%. TrustCo Bank Corp NY’s payout ratio is currently 42.55%.

Institutional Trading of TrustCo Bank Corp NY

Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its position in shares of TrustCo Bank Corp NY by 31.1% during the third quarter. Nisa Investment Advisors LLC now owns 1,422 shares of the bank’s stock valued at $78,000 after buying an additional 337 shares during the last quarter. SummerHaven Investment Management LLC raised its position in TrustCo Bank Corp NY by 22.4% in the 3rd quarter. SummerHaven Investment Management LLC now owns 26,431 shares of the bank’s stock worth $1,435,000 after buying an additional 4,837 shares during the last quarter. GAMMA Investing LLC raised its position in TrustCo Bank Corp NY by 7.7% in the 3rd quarter. GAMMA Investing LLC now owns 3,451 shares of the bank’s stock worth $187,000 after buying an additional 247 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in TrustCo Bank Corp NY by 82.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 452 shares of the bank’s stock valued at $25,000 after acquiring an additional 204 shares during the period. Finally, Bouchey Financial Group Ltd. bought a new position in TrustCo Bank Corp NY during the 2nd quarter valued at about $228,000. 68.57% of the stock is currently owned by hedge funds and other institutional investors.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is the holding company for Trustco Bank, a community-focused savings bank headquartered in Glenville, New York. Founded in 1902, the company provides banking and financial services to individuals, families, and businesses through a network of branches and digital banking channels.

Trustco Bank’s products and services include checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, home equity loans and lines of credit, and commercial real estate financing.