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

TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $31.60 and traded as high as $35.13. TrustCo Bank Corp NY shares last traded at $35.10, with a volume of 86,358 shares trading hands.

TrustCo Bank Corp NY Stock Performance

The firm's 50 day simple moving average is $31.82 and its 200 day simple moving average is $31.56. The firm has a market capitalization of $676.45 million, a price-to-earnings ratio of 13.27 and a beta of 0.66.

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

TrustCo Bank Corp NY Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were paid a dividend of $0.36 per share. The ex-dividend date was Friday, June 6th. This represents a $1.44 annualized dividend and a yield of 4.05%. TrustCo Bank Corp NY's dividend payout ratio (DPR) is presently 53.73%.

TrustCo Bank Corp NY announced that its Board of Directors has initiated a share buyback plan on Tuesday, March 18th that permits the company to repurchase 0 shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Proficio Capital Partners LLC purchased a new position in shares of TrustCo Bank Corp NY in the fourth quarter valued at approximately $746,000. Charles Schwab Investment Management Inc. lifted its stake 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 worth $5,904,000 after acquiring an additional 6,867 shares during the last quarter. Raymond James Financial Inc. purchased a new position in TrustCo Bank Corp NY in the fourth quarter worth approximately $247,000. Amundi lifted its stake in TrustCo Bank Corp NY by 174.5% in the fourth quarter. Amundi now owns 9,568 shares of the bank's stock worth $303,000 after acquiring an additional 6,082 shares during the last quarter. Finally, AlphaQuest LLC purchased a new position in TrustCo Bank Corp NY in the fourth quarter worth approximately $218,000. Institutional investors and hedge funds own 68.57% of the company's stock.

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.