TrustCo Bank Corp NY (NASDAQ:TRST) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

TrustCo Bank Corp NY (NASDAQ:TRST) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $38.43 and traded as high as $42.67. TrustCo Bank Corp NY shares last traded at $42.44, with a volume of 82,974 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The firm has a market cap of $781.91 million, a price-to-earnings ratio of 14.19 and a beta of 0.63. The firm’s fifty day moving average is $41.85 and its 200-day moving average is $38.43.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings data on Tuesday, October 21st. The bank reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.13. TrustCo Bank Corp NY had a return on equity of 8.27% and a net margin of 20.74%.The firm had revenue of $47.81 million during the quarter, compared to analyst estimates of $47.27 million. During the same period last year, the company posted $0.68 EPS.

TrustCo Bank Corp NY Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 50.84%.

TrustCo Bank Corp NY announced that its Board of Directors has approved a stock repurchase program on Friday, December 19th that authorizes the company to buyback $2.00 million in shares. This buyback authorization authorizes the bank to buy up to 0.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its stake 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 valued at $26,000 after purchasing an additional 755 shares in the last quarter. Hantz Financial Services Inc. raised 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 worth $32,000 after buying an additional 453 shares during the period. Russell Investments Group Ltd. boosted its holdings in 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 acquiring an additional 555 shares in the last quarter. GAMMA Investing LLC grew its stake in TrustCo Bank Corp NY by 21.9% in the third quarter. GAMMA Investing LLC now owns 2,313 shares of the bank’s stock valued at $84,000 after acquiring an additional 415 shares during the period. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of TrustCo Bank Corp NY by 49.2% during the first quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock valued at $128,000 after acquiring an additional 1,380 shares in the last quarter. 68.57% of the stock is owned by 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.