TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 1-Year High – Time to Buy?

by · The Markets Daily

Shares of TrustCo Bank Corp NY (NASDAQ:TRST – Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $44.23 and last traded at $44.29, with a volume of 8332 shares changing hands. The stock had previously closed at $43.58.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research note on Monday. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy”.

View Our Latest Analysis on TRST

TrustCo Bank Corp NY Stock Performance

The stock’s 50-day simple moving average is $38.92 and its 200 day simple moving average is $36.47. The company has a market capitalization of $817.30 million, a PE ratio of 14.84 and a beta of 0.65.

TrustCo Bank Corp NY (NASDAQ:TRST – Get Free Report) last released its quarterly earnings data on Tuesday, October 21st. The bank reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.13. The business had revenue of $47.81 million during the quarter, compared to analysts’ expectations of $47.27 million. TrustCo Bank Corp NY had a net margin of 20.74% and a return on equity of 8.27%. During the same period in the previous year, the company earned $0.68 EPS.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, December 5th. TrustCo Bank Corp NY’s payout ratio is 50.84%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TRST. Vanguard Group Inc. raised its position in shares of TrustCo Bank Corp NY by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 1,264,934 shares of the bank’s stock worth $38,555,000 after acquiring an additional 37,096 shares in the last quarter. Systematic Financial Management LP boosted its holdings in TrustCo Bank Corp NY by 1.6% in the second quarter. Systematic Financial Management LP now owns 1,174,628 shares of the bank’s stock valued at $39,256,000 after purchasing an additional 18,803 shares in the last quarter. HoldCo Asset Management LP increased its stake in TrustCo Bank Corp NY by 170.2% in the third quarter. HoldCo Asset Management LP now owns 872,744 shares of the bank’s stock valued at $31,681,000 after purchasing an additional 549,729 shares during the last quarter. American Century Companies Inc. increased its stake in TrustCo Bank Corp NY by 10.0% in the third quarter. American Century Companies Inc. now owns 514,237 shares of the bank’s stock valued at $18,667,000 after purchasing an additional 46,881 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in TrustCo Bank Corp NY by 3.5% during the second quarter. Geode Capital Management LLC now owns 510,547 shares of the bank’s stock worth $17,065,000 after purchasing an additional 17,358 shares in the last quarter. Hedge funds and other institutional investors own 68.57% of the company’s stock.

About TrustCo Bank Corp NY

(Get Free Report)

TrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals and businesses. The company accepts deposits; and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities.

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