TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 52-Week High – Here’s Why

TrustCo Bank Corp NY (NASDAQ:TRST) hit a new 52-week high on Thursday . The company traded as high as $55.00 and last traded at $54.69, with a volume of 123776 shares. The stock had previously closed at $53.92.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Performance

The firm’s 50-day simple moving average is $48.42 and its 200 day simple moving average is $45.22. The stock has a market capitalization of $955.98 million, a P/E ratio of 16.04 and a beta of 0.62.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its quarterly earnings results on Tuesday, April 21st. The bank reported $0.91 EPS for the quarter. TrustCo Bank Corp NY had a net margin of 22.42% and a return on equity of 9.21%. The firm had revenue of $49.55 million for the quarter.

TrustCo Bank Corp NY Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.52 annualized dividend and a yield of 2.8%. TrustCo Bank Corp NY’s payout ratio is 44.57%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its holdings in shares of 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 valued at $26,000 after purchasing an additional 755 shares during the period. Hantz Financial Services Inc. raised its holdings in shares of TrustCo Bank Corp NY by 108.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock valued at $32,000 after purchasing an additional 453 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of TrustCo Bank Corp NY in the 4th quarter valued at about $46,000. Godfrey Financial Associates Inc. bought a new stake in shares of TrustCo Bank Corp NY in the 4th quarter valued at about $56,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of 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 valued at $62,000 after purchasing an additional 555 shares during the period. 68.57% of the stock is owned by institutional investors.

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.