TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 52-Week High - What's Next?

Key Points

• TrustCo Bank Corp NY hit a new 52-week high on Friday, trading as high as $57.15 and ending the session up 2.4% at $56.80.
• The bank recently reported quarterly earnings of $0.98 per share on revenue of $51.5 million, with a return on equity of 9.62% and a net margin of 22.76%.
• TrustCo also declared a quarterly dividend of $0.38 per share, equal to a 2.6% yield, while institutional ownership remains high at 68.57%.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) reached a new 52-week high during trading on Friday . The stock traded as high as $57.15 and last traded at $56.7950, with a volume of 4195 shares. The stock had previously closed at $56.45.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of TrustCo Bank Corp NY in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, TrustCo Bank Corp NY has an average rating of "Buy".

TrustCo Bank Corp NY Stock Up 2.4%

The stock has a 50-day simple moving average of $53.19 and a 200 day simple moving average of $47.74. The company has a market cap of $1.01 billion, a PE ratio of 16.04 and a beta of 0.62.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $0.98 earnings per share for the quarter. The business had revenue of $51.50 million during 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, June 5th. TrustCo Bank Corp NY's dividend payout ratio (DPR) is 42.22%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in shares of TrustCo Bank Corp NY by 11.4% in the 4th quarter. GAMMA Investing LLC now owns 2,577 shares of the bank's stock worth $107,000 after acquiring an additional 264 shares during the last quarter. DUTCH ASSET Corp raised its position 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 purchasing an additional 304 shares during the period. Gabelli Funds LLC raised its position in TrustCo Bank Corp NY by 0.6% in the second quarter. Gabelli Funds LLC now owns 75,730 shares of the bank's stock valued at $2,531,000 after purchasing an additional 425 shares during the period. Retirement Planning Group LLC NY raised its position in TrustCo Bank Corp NY by 9.2% in the first quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank's stock valued at $243,000 after purchasing an additional 463 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in TrustCo Bank Corp NY by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank's stock worth $336,000 after purchasing an additional 468 shares in the last quarter. 68.57% of the stock is currently 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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