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

TrustCo Bank Corp NY (NASDAQ:TRST) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $39.27 and traded as high as $45.14. TrustCo Bank Corp NY shares last traded at $44.65, with a volume of 153,299 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated 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, Based on data from MarketBeat, TrustCo Bank Corp NY currently has a consensus rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The stock has a market cap of $822.45 million, a PE ratio of 13.74 and a beta of 0.62. The business has a fifty day moving average of $42.89 and a 200-day moving average of $39.27.

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

TrustCo Bank Corp NY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Friday, December 5th. TrustCo Bank Corp NY’s payout ratio is presently 46.77%.

TrustCo Bank Corp NY announced that its board has authorized a share buyback program on Friday, December 19th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the bank to repurchase up to 0.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in shares of TrustCo Bank Corp NY by 2,435.5% in 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 during the period. Hantz Financial Services Inc. raised its stake in TrustCo Bank Corp NY by 108.1% in the third quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock worth $32,000 after buying an additional 453 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in TrustCo Bank Corp NY by 48.4% during 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 period. GAMMA Investing LLC lifted its holdings in TrustCo Bank Corp NY by 21.9% during the third quarter. GAMMA Investing LLC now owns 2,313 shares of the bank’s stock worth $84,000 after buying an additional 415 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in TrustCo Bank Corp NY by 49.2% during the 1st 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. Hedge funds and other 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.