TrustCo Bank Corp NY (NASDAQ:TRST) Reaches New 12-Month High - Should You Buy?

Key Points

• TrustCo Bank Corp NY reached a new 52-week high of $59.28 before trading at $57.37, with a market capitalization of approximately $977 million.
• Analyst sentiment remains positive: Weiss Ratings reiterated a “buy” rating, and MarketBeat reports a consensus “Buy” rating from the one analyst covering the stock.
• TrustCo increased its quarterly dividend to $0.40 per share, implying an annualized dividend of $1.60 and a 2.8% yield; the bank most recently reported $0.98 in quarterly earnings per share.

Shares of TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $59.28 and last traded at $57.37, with a volume of 245042 shares. The stock had previously closed at $59.11.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of TrustCo Bank Corp NY in a research report on Friday, September 4th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy".

TrustCo Bank Corp NY Trading Down 2.9%

The stock has a market capitalization of $977.01 million, a price-to-earnings ratio of 15.94 and a beta of 0.63. The firm has a 50-day moving average of $56.69 and a 200 day moving average of $51.33.

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

TrustCo Bank Corp NY Increases Dividend

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

Institutional Trading of TrustCo Bank Corp NY

A number of hedge funds and other institutional investors have recently made changes to their positions in TRST. Nykredit A S acquired a new stake in TrustCo Bank Corp NY in the 2nd quarter valued at about $27,000. Integrated Wealth Concepts LLC purchased a new position in TrustCo Bank Corp NY during the second quarter valued at approximately $68,000. Godfrey Financial Associates Inc. purchased a new position in TrustCo Bank Corp NY during the fourth quarter valued at approximately $56,000. Hantz Financial Services Inc. increased its stake in TrustCo Bank Corp NY by 65.7% in the 4th quarter. Hantz Financial Services Inc. now owns 1,445 shares of the bank's stock valued at $60,000 after buying an additional 573 shares during the period. Finally, GAMMA Investing LLC increased its stake in TrustCo Bank Corp NY by 18.5% in the 2nd quarter. GAMMA Investing LLC now owns 3,204 shares of the bank's stock valued at $176,000 after buying an additional 501 shares during the period. 68.57% of the stock is currently owned by institutional investors.

TrustCo Bank Corp NY Company Profile

TrustCo Bank Corp NY is the bank holding company for Trustco Bank, a community-focused savings bank headquartered in Glenville, New York. Founded in 1902, Trustco has built its business around serving individuals, families and local businesses through a network of banking offices and digital services.

Trustco Bank provides deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include residential mortgages, home equity loans and lines of credit, consumer loans, and selected commercial lending products.

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