TrustCo Bank Corp NY (NASDAQ:TRST) Stock Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• TrustCo Bank Corp NY shares rose above their 200-day moving average, reaching $58.50 and last trading at $58.42, compared with a 200-day average of $50.95.
• Wall Street sentiment remains positive: Weiss Ratings reaffirmed a “buy” rating, and MarketBeat reports an overall average rating of “Buy.”
• The bank increased its quarterly dividend to $0.40 per share from $0.38, implying an annualized dividend of $1.60 and a 2.7% yield; institutional investors own 68.57% of the stock.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $50.95 and traded as high as $58.50. TrustCo Bank Corp NY shares last traded at $58.42, with a volume of 141,668 shares changing hands.

Wall Street Analyst Weigh In

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

TrustCo Bank Corp NY Trading Up 1.7%

The firm has a market capitalization of $994.89 million, a price-to-earnings ratio of 16.23 and a beta of 0.63. The company's 50 day moving average is $56.37 and its 200-day moving average is $50.95.

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. The firm had revenue of $51.50 million for the quarter. TrustCo Bank Corp NY had a return on equity of 9.62% and a net margin of 22.76%.

TrustCo Bank Corp NY Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, September 4th. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. This is an increase from TrustCo Bank Corp NY's previous quarterly dividend of $0.38. TrustCo Bank Corp NY's dividend payout ratio is presently 44.44%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. DUTCH ASSET Corp increased its stake in TrustCo Bank Corp NY by 5.9% in the first quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank's stock valued at $241,000 after acquiring an additional 304 shares during the last quarter. Gabelli Funds LLC lifted its stake in TrustCo Bank Corp NY by 0.6% during the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank's stock worth $2,531,000 after purchasing an additional 425 shares during the last quarter. Retirement Planning Group LLC NY lifted its stake in TrustCo Bank Corp NY by 9.2% during the first quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank's stock worth $243,000 after purchasing an additional 463 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of TrustCo Bank Corp NY by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank's stock valued at $336,000 after purchasing an additional 468 shares in the last quarter. Finally, Nykredit A S acquired a new stake in shares of TrustCo Bank Corp NY in the 2nd quarter valued at $27,000. 68.57% of the stock is owned by institutional investors and hedge funds.

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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