TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 12-Month High - Here's Why

Key Points

• TrustCo Bank Corp NY's share price reached a new 12-month high of $40.02 during trading, closing at $39.22, with a market capitalization of $746.72 million.
• The bank recently reported quarterly earnings of $0.79 EPS, exceeding analysts' expectations and generated revenue of $46.60 million.
• TrustCo has declared an increased quarterly dividend of $0.38, reflecting a 3.8% yield and a payout ratio of 51.25%.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $40.02 and last traded at $39.22, with a volume of 154550 shares traded. The stock had previously closed at $39.79.

TrustCo Bank Corp NY Trading Down 0.4%

The stock has a 50 day simple moving average of $35.17 and a 200 day simple moving average of $32.36. The firm has a market capitalization of $746.72 million, a PE ratio of 14.11 and a beta of 0.71.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The bank reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.10. The business had revenue of $46.60 million for the quarter, compared to analysts' expectations of $46.16 million. TrustCo Bank Corp NY had a return on equity of 7.85% and a net margin of 19.84%.

TrustCo Bank Corp NY Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be paid a $0.38 dividend. This is an increase from TrustCo Bank Corp NY's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.8%. TrustCo Bank Corp NY's payout ratio is presently 51.25%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of large investors have recently bought and sold shares of TRST. Wells Fargo & Company MN increased its stake in TrustCo Bank Corp NY by 28.5% in the 4th quarter. Wells Fargo & Company MN now owns 11,464 shares of the bank's stock worth $382,000 after purchasing an additional 2,541 shares during the period. Raymond James Financial Inc. purchased a new position in TrustCo Bank Corp NY in the 4th quarter worth approximately $247,000. Barclays PLC increased its stake in TrustCo Bank Corp NY by 2.3% in the 4th quarter. Barclays PLC now owns 38,579 shares of the bank's stock worth $1,285,000 after purchasing an additional 850 shares during the period. First Trust Advisors LP increased its stake in TrustCo Bank Corp NY by 72.8% in the 4th quarter. First Trust Advisors LP now owns 19,871 shares of the bank's stock worth $662,000 after purchasing an additional 8,370 shares during the period. Finally, MetLife Investment Management LLC increased its stake in shares of TrustCo Bank Corp NY by 8.2% during the fourth quarter. MetLife Investment Management LLC now owns 11,207 shares of the bank's stock valued at $373,000 after buying an additional 846 shares during the period. 68.57% of the stock is owned by hedge funds and other institutional investors.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals and businesses. The company accepts deposits; and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities.

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