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

Key Points

• TrustCo's stock crossed above its 200-day moving average, trading as high as $47.06 and last at $46.88 versus a 200-day average of $41.94, marking a bullish technical signal.
• The bank beat quarterly EPS estimates, reporting $0.85 versus a $0.80 consensus (up from $0.59 a year earlier) while revenue was roughly in line with expectations.
• Shareholder returns include a $0.38 quarterly dividend (a 3.2% yield) and a board-approved $2.0 million share repurchase plan representing about 0.3% of outstanding shares.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $41.94 and traded as high as $47.06. TrustCo Bank Corp NY shares last traded at $46.88, with a volume of 112,246 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of TrustCo Bank Corp NY in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy".

TrustCo Bank Corp NY Trading Up 1.0%

The stock has a fifty day simple moving average of $44.52 and a two-hundred day simple moving average of $41.94. The company has a market cap of $820.87 million, a PE ratio of 14.42 and a beta of 0.57.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last issued its earnings results on Wednesday, January 21st. The bank reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.05. The business had revenue of $48.17 million during the quarter, compared to the consensus estimate of $48.69 million. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.During the same period in the prior year, the business posted $0.59 EPS.

TrustCo Bank Corp NY Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 6th were given a $0.38 dividend. The ex-dividend date was Friday, March 6th. This represents a $1.52 annualized dividend and a yield of 3.2%. TrustCo Bank Corp NY's dividend payout ratio is presently 46.77%.

TrustCo Bank Corp NY announced that its board has approved a share repurchase plan on Friday, December 19th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the bank to buy up to 0.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of institutional investors and hedge funds have recently made changes to their positions in TRST. Cubist Systematic Strategies LLC increased its holdings in shares of TrustCo Bank Corp NY by 49.2% in the 1st quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank's stock valued at $128,000 after purchasing an additional 1,380 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 buying an additional 468 shares in the last quarter. Jane Street Group LLC acquired a new position in TrustCo Bank Corp NY during the first quarter worth about $560,000. Intech Investment Management LLC increased its holdings in TrustCo Bank Corp NY by 374.2% in the first quarter. Intech Investment Management LLC now owns 52,640 shares of the bank's stock valued at $1,604,000 after buying an additional 41,540 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in TrustCo Bank Corp NY by 2,435.5% in the second quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank's stock valued at $26,000 after buying an additional 755 shares in the last quarter. 68.57% of the stock is owned by institutional investors and hedge funds.

About TrustCo Bank Corp NY

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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