TrustCo Bank Corp NY (NASDAQ:TRST) Share Price Crosses Above 200-Day Moving Average - Should You Sell?

Key Points

• TrustCo Bank Corp NY shares rose above their 200-day moving average, reaching $56.20 and last trading at $55.69, compared with a 200-day average of $52.27.
• Analyst sentiment remains positive: Weiss Ratings upgraded the stock to “buy (b+),” while the sole tracked investment analyst rates it Buy.
• The company increased its quarterly dividend to $0.40 per share, or $1.60 annually, providing a 2.9% yield; institutional investors own 68.57% of outstanding shares.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $52.27 and traded as high as $56.20. TrustCo Bank Corp NY shares last traded at $55.69, with a volume of 107,460 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded TrustCo Bank Corp NY from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy".

TrustCo Bank Corp NY Stock Performance

The company's fifty day moving average is $56.76 and its two-hundred day moving average is $52.27. The company has a market cap of $948.40 million, a price-to-earnings ratio of 15.47 and a beta of 0.65.

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

TrustCo Bank Corp NY Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 4th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. This is a boost from TrustCo Bank Corp NY's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Friday, September 4th. TrustCo Bank Corp NY's dividend payout ratio is 44.44%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

Hedge funds have recently added to or reduced their stakes in the business. Nykredit A S purchased a new position in shares of TrustCo Bank Corp NY during the 2nd quarter valued at about $27,000. Hantz Financial Services Inc. lifted its holdings in shares of 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. Integrated Wealth Concepts LLC purchased a new stake in shares of TrustCo Bank Corp NY in the second quarter worth about $68,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of TrustCo Bank Corp NY in the fourth quarter worth about $155,000. Finally, GAMMA Investing LLC boosted its stake in shares of TrustCo Bank Corp NY by 18.5% in the second quarter. GAMMA Investing LLC now owns 3,204 shares of the bank's stock worth $176,000 after buying an additional 501 shares during the last quarter. 68.57% of the stock is owned by hedge funds and other institutional investors.

About TrustCo Bank Corp NY

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 relationship banking and serves individuals, families, and businesses through a network of branches and digital banking services.

Trustco Bank provides a range of traditional banking products, including deposit accounts, checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, personal loans, and commercial lending.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.