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

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.68 and traded as high as $32.53. TrustCo Bank Corp NY shares last traded at $32.22, with a volume of 83,247 shares traded.

TrustCo Bank Corp NY Stock Performance

The company has a market cap of $612.82 million, a PE ratio of 12.02 and a beta of 0.64. The stock has a 50 day moving average of $31.06 and a 200-day moving average of $31.68.

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The bank reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.10. The business had revenue of $45.35 million during the quarter, compared to analyst estimates of $44.99 million. TrustCo Bank Corp NY had a return on equity of 7.59% and a net margin of 19.14%.

TrustCo Bank Corp NY Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 6th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, June 6th. TrustCo Bank Corp NY's payout ratio is 53.73%.

TrustCo Bank Corp NY announced that its board has initiated a stock buyback program on Tuesday, March 18th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in shares of TrustCo Bank Corp NY by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 92,158 shares of the bank's stock valued at $3,070,000 after buying an additional 2,569 shares during the period. Proficio Capital Partners LLC purchased a new stake in TrustCo Bank Corp NY in the fourth quarter valued at approximately $746,000. Charles Schwab Investment Management Inc. raised its position in TrustCo Bank Corp NY by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 177,238 shares of the bank's stock valued at $5,904,000 after purchasing an additional 6,867 shares during the period. Raymond James Financial Inc. purchased a new stake in TrustCo Bank Corp NY in the fourth quarter valued at approximately $247,000. Finally, Amundi raised its position in TrustCo Bank Corp NY by 174.5% in the fourth quarter. Amundi now owns 9,568 shares of the bank's stock valued at $303,000 after purchasing an additional 6,082 shares during the period. 68.57% of the stock is currently owned by institutional investors and hedge funds.

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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