TrustCo Bank Corp NY (NASDAQ:TRST) Reaches New 12-Month High – Still a Buy?

Shares of TrustCo Bank Corp NY (NASDAQ:TRST) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $52.98 and last traded at $52.7390, with a volume of 18131 shares traded. The stock had previously closed at $52.66.

TrustCo Bank Corp NY Stock Up 0.3%

The company’s fifty day moving average is $47.59 and its 200-day moving average is $44.82. The company has a market cap of $922.86 million, a PE ratio of 15.48 and a beta of 0.62.

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

TrustCo Bank Corp NY Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be issued a $0.38 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.52 annualized dividend and a yield of 2.9%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is currently 44.57%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRST. HoldCo Asset Management LP boosted its holdings in TrustCo Bank Corp NY by 170.2% in the third quarter. HoldCo Asset Management LP now owns 872,744 shares of the bank’s stock worth $31,681,000 after purchasing an additional 549,729 shares during the last quarter. UBS Group AG boosted its holdings in TrustCo Bank Corp NY by 88.4% in the fourth quarter. UBS Group AG now owns 157,142 shares of the bank’s stock worth $6,495,000 after purchasing an additional 73,718 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of TrustCo Bank Corp NY by 295.2% during the 3rd quarter. First Trust Advisors LP now owns 71,557 shares of the bank’s stock worth $2,598,000 after acquiring an additional 53,452 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of TrustCo Bank Corp NY by 10.0% during the 3rd quarter. American Century Companies Inc. now owns 514,237 shares of the bank’s stock worth $18,667,000 after acquiring an additional 46,881 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of TrustCo Bank Corp NY by 25.0% during the 3rd quarter. Invesco Ltd. now owns 230,528 shares of the bank’s stock worth $8,368,000 after acquiring an additional 46,103 shares during the last quarter. Hedge funds and other institutional investors own 68.57% of the company’s stock.

TrustCo Bank Corp NY Company Profile

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.