TrustCo Bank Corp NY (NASDAQ:TRST) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $39.70 and traded as high as $46.20. TrustCo Bank Corp NY shares last traded at $45.22, with a volume of 122,916 shares changing hands.

Analysts Set New Price Targets

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

TrustCo Bank Corp NY Price Performance

The firm has a market capitalization of $832.95 million, a price-to-earnings ratio of 13.91 and a beta of 0.62. The business’s 50 day moving average price is $43.27 and its 200-day moving average price is $39.70.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.05. The company had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $48.69 million. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.During the same quarter in the previous year, the firm posted $0.59 EPS.

TrustCo Bank Corp NY Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 46.77%.

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 outstanding shares. This buyback authorization authorizes the bank to purchase up to 0.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of TrustCo Bank Corp NY

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its stake in shares of TrustCo Bank Corp NY by 62.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 258,209 shares of the bank’s stock worth $8,629,000 after buying an additional 99,411 shares during the last quarter. HoldCo Asset Management LP purchased a new position in TrustCo Bank Corp NY during the 2nd quarter valued at about $10,795,000. Campbell & CO Investment Adviser LLC acquired a new position in TrustCo Bank Corp NY during the second quarter worth about $402,000. Geode Capital Management LLC lifted its holdings in shares of TrustCo Bank Corp NY by 3.5% in the second quarter. Geode Capital Management LLC now owns 510,547 shares of the bank’s stock valued at $17,065,000 after purchasing an additional 17,358 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its holdings in shares of TrustCo Bank Corp NY by 1,764.0% in the second quarter. Osaic Holdings Inc. now owns 62,276 shares of the bank’s stock valued at $1,904,000 after purchasing an additional 58,935 shares in the last quarter. Institutional investors and hedge funds 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.