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

Key Points

• TRST passed its 200-day moving average, trading as high as $46.81 and last at $46.30 versus a 200-day MA of $42.36 on volume of 108,090 shares.
• The bank reported $0.85 EPS for the quarter, beating estimates of $0.80 while revenue was $48.17 million (slightly below expectations); the stock trades at a P/E of 14.25 and a market cap of about $810.6 million.
• TrustCo pays a quarterly dividend of $0.38 (annualized $1.52) for a 3.3% yield

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $42.36 and traded as high as $46.81. TrustCo Bank Corp NY shares last traded at $46.30, with a volume of 108,090 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of TrustCo Bank Corp NY in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy".

TrustCo Bank Corp NY Trading Down 0.7%

The stock has a market capitalization of $810.57 million, a price-to-earnings ratio of 14.25 and a beta of 0.57. The stock has a 50-day moving average price of $44.59 and a 200 day moving average price of $42.36.

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

TrustCo Bank Corp NY Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 6th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.3%. The ex-dividend date was Friday, March 6th. TrustCo Bank Corp NY's payout ratio is presently 46.77%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

Several institutional investors have recently bought and sold shares of TRST. EverSource Wealth Advisors LLC boosted its holdings in TrustCo Bank Corp NY by 2,435.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank's stock worth $26,000 after buying an additional 755 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in TrustCo Bank Corp NY by 108.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank's stock worth $32,000 after buying an additional 453 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in TrustCo Bank Corp NY in the 4th quarter worth about $46,000. Godfrey Financial Associates Inc. acquired a new stake in TrustCo Bank Corp NY in the 4th quarter worth about $56,000. Finally, Russell Investments Group Ltd. boosted its holdings in TrustCo Bank Corp NY by 48.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,701 shares of the bank's stock worth $62,000 after buying an additional 555 shares during 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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