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

Shares of TrustCo Bank Corp NY (NASDAQ:TRST - Get Free Report) passed 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 traded.

TrustCo Bank Corp NY Stock Performance

The stock has a market cap of $667.60 million, a P/E ratio of 13.10 and a beta of 0.66. The business has a 50 day simple moving average of $31.61 and a 200-day simple moving average of $31.60.

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

TrustCo Bank Corp NY Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend was Friday, June 6th. TrustCo Bank Corp NY's dividend payout ratio is currently 53.73%.

TrustCo Bank Corp NY announced that its board has approved a share repurchase program on Tuesday, March 18th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On TrustCo Bank Corp NY

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.