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

TrustCo Bank Corp NY (NASDAQ:TRST)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $45.70 and traded as high as $52.58. TrustCo Bank Corp NY shares last traded at $52.24, with a volume of 233,919 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, June 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The company has a market capitalization of $913.16 million, a PE ratio of 15.32 and a beta of 0.62. The stock’s 50 day simple moving average is $49.48 and its 200-day simple moving average is $45.70.

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

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, June 5th. TrustCo Bank Corp NY’s dividend payout ratio is presently 44.57%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its stake in shares of TrustCo Bank Corp NY by 66.1% in the first quarter. Bank of America Corp DE now owns 82,283 shares of the bank’s stock worth $3,602,000 after acquiring an additional 32,748 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of TrustCo Bank Corp NY by 23.6% in the first quarter. Quantinno Capital Management LP now owns 21,689 shares of the bank’s stock valued at $950,000 after acquiring an additional 4,148 shares in the last quarter. Teton Advisors LLC acquired a new stake in shares of TrustCo Bank Corp NY in the first quarter valued at $202,000. Gabelli Funds LLC raised its stake in shares of TrustCo Bank Corp NY by 34.0% in the first quarter. Gabelli Funds LLC now owns 151,443 shares of the bank’s stock valued at $6,630,000 after acquiring an additional 38,450 shares in the last quarter. Finally, Inceptionr LLC boosted its holdings in TrustCo Bank Corp NY by 30.0% in the first quarter. Inceptionr LLC now owns 7,705 shares of the bank’s stock valued at $337,000 after purchasing an additional 1,776 shares during the period. 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.