TrustCo Bank Corp NY (NASDAQ:TRST) Stock Breaks Above 200-Day Moving Average - Here's What Happened

Key Points

• TrustCo Bank Corp NY shares crossed above their 200-day moving average, reaching $54.32 before last trading at $53.68 on volume of 114,050 shares.
• Weiss Ratings upgraded the stock to “buy (a-)”; MarketBeat reports a consensus “Strong Buy” rating, though shares were trading about 1.2% lower and below the 50-day average of $56.26.
• The bank reported quarterly earnings of $0.98 per share and increased its quarterly dividend to $0.40, equivalent to a 3.0% yield. Institutional investors own approximately 68.57% of the company.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $53.21 and traded as high as $54.32. TrustCo Bank Corp NY shares last traded at $53.68, with a volume of 114,050 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded TrustCo Bank Corp NY from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating. According to data from MarketBeat, the stock currently has a consensus rating of "Strong Buy".

TrustCo Bank Corp NY Trading Down 1.2%

The firm has a market cap of $914.17 million, a PE ratio of 14.91 and a beta of 0.65. The stock's 50 day moving average price is $56.26 and its 200 day moving average price is $53.21.

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

TrustCo Bank Corp NY Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.0%. 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TRST. Bank of New York Mellon Corp purchased a new stake in shares of TrustCo Bank Corp NY during the second quarter valued at approximately $8,855,000. Gabelli Funds LLC lifted its position in shares of TrustCo Bank Corp NY by 34.0% during the first quarter. Gabelli Funds LLC now owns 151,443 shares of the bank's stock worth $6,630,000 after purchasing an additional 38,450 shares in the last quarter. First Trust Advisors LP lifted its position in shares of TrustCo Bank Corp NY by 23.4% during the first quarter. First Trust Advisors LP now owns 87,100 shares of the bank's stock worth $3,813,000 after purchasing an additional 16,536 shares in the last quarter. Bank of America Corp DE lifted its position in shares of TrustCo Bank Corp NY by 66.1% during the first quarter. Bank of America Corp DE now owns 82,283 shares of the bank's stock worth $3,602,000 after purchasing an additional 32,748 shares in the last quarter. Finally, Globeflex Capital L P purchased a new position in shares of TrustCo Bank Corp NY in the second quarter valued at $2,053,000. Institutional investors and hedge funds own 68.57% of the company's stock.

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.