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

Key Points

• TrustCo Bank Corp NY shares reached a new 52-week high, trading as high as $59.10, with a market capitalization of approximately $983.5 million.
• Analysts maintain a favorable outlook, with the stock carrying an average “Buy” rating. The bank recently reported quarterly EPS of $0.98 and revenue of $51.5 million.
• TrustCo increased its quarterly dividend from $0.38 to $0.40 per share, equating to a $1.60 annualized dividend and a 2.8% yield; institutional investors own 68.57% of the company.

Shares of TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $59.10 and last traded at $57.9050, with a volume of 6658 shares traded. The stock had previously closed at $58.42.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "buy (b)" rating on shares of TrustCo Bank Corp NY in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy".

TrustCo Bank Corp NY Stock Performance

The stock has a market cap of $983.52 million, a P/E ratio of 16.07 and a beta of 0.63. The stock's fifty day simple moving average is $56.37 and its 200-day simple moving average is $50.95.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $0.98 EPS for the quarter. The company had revenue of $51.50 million for the quarter. TrustCo Bank Corp NY had a net margin of 22.76% and a return on equity of 9.62%.

TrustCo Bank Corp NY Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.40 per share. This is an increase from TrustCo Bank Corp NY's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. TrustCo Bank Corp NY's payout ratio is currently 44.44%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its holdings in shares of TrustCo Bank Corp NY by 10,224.5% in the second quarter. California State Teachers Retirement System now owns 1,784,081 shares of the bank's stock worth $97,964,000 after acquiring an additional 1,766,801 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of TrustCo Bank Corp NY during the 2nd quarter valued at approximately $8,855,000. UBS Group AG increased its position in TrustCo Bank Corp NY by 88.4% during the 4th quarter. UBS Group AG now owns 157,142 shares of the bank's stock worth $6,495,000 after purchasing an additional 73,718 shares in the last quarter. First Trust Advisors LP increased its position in TrustCo Bank Corp NY by 295.2% during the 3rd quarter. First Trust Advisors LP now owns 71,557 shares of the bank's stock worth $2,598,000 after purchasing an additional 53,452 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in TrustCo Bank Corp NY by 25.0% in the 3rd quarter. Invesco Ltd. now owns 230,528 shares of the bank's stock valued at $8,368,000 after purchasing an additional 46,103 shares during the last quarter. Institutional investors and hedge funds own 68.57% of the company's stock.

TrustCo Bank Corp NY Company Profile

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.

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