TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 1-Year High – Should You Buy?

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price reached a new 52-week high on Wednesday. The company traded as high as $59.96 and last traded at $58.2760, with a volume of 5,648 shares. The stock had previously closed at $57.40.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered TrustCo Bank Corp NY from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 23rd. One research analyst has rated the stock with a Buy rating. Based on data from MarketBeat, the stock has an average rating of “Buy”.

TrustCo Bank Corp NY Price Performance

The company has a market capitalization of $962.76 million, a P/E ratio of 15.04 and a beta of 0.65. The business has a 50-day moving average of $56.10 and a 200-day moving average of $51.17.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $1.02 earnings per share for the quarter. The business had revenue of $51.86 million for the quarter. TrustCo Bank Corp NY had a net margin of 22.83% and a return on equity of 10.00%.

TrustCo Bank Corp NY Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 4th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, September 4th. This is a positive change from TrustCo Bank Corp NY’s previous quarterly dividend of $0.38. TrustCo Bank Corp NY’s payout ratio is currently 42.55%.

Institutional Trading of TrustCo Bank Corp NY

Several institutional investors have recently added to or reduced their stakes in the company. Globeflex Capital L P purchased a new position in TrustCo Bank Corp NY in the 2nd quarter worth about $2,053,000. Bank of New York Mellon Corp purchased a new stake in TrustCo Bank Corp NY in the 2nd quarter valued at about $8,855,000. Gabelli Funds LLC boosted its position in TrustCo Bank Corp NY by 34.0% in the 1st quarter. Gabelli Funds LLC now owns 151,443 shares of the bank’s stock valued at $6,630,000 after buying an additional 38,450 shares during the period. Bank of America Corp DE boosted its position in TrustCo Bank Corp NY by 66.1% in the 1st quarter. Bank of America Corp DE now owns 82,283 shares of the bank’s stock valued at $3,602,000 after buying an additional 32,748 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in TrustCo Bank Corp NY in the 1st quarter worth about $446,000. Institutional investors own 68.57% of the company’s stock.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is the holding company for Trustco Bank, a community-focused savings bank headquartered in Glenville, New York. Founded in 1902, the company provides banking and financial services to individuals, families, and businesses through a network of branches and digital banking channels.

Trustco Bank’s products and services include checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, home equity loans and lines of credit, and commercial real estate financing.