TrustCo Bank Corp NY (NASDAQ:TRST) Sets New 1-Year High – Here’s Why

TrustCo Bank Corp NY (NASDAQ:TRST) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $51.19 and last traded at $51.17, with a volume of 9904 shares. The stock had previously closed at $50.26.

TrustCo Bank Corp NY Trading Up 1.6%

The company’s 50 day moving average price is $46.24 and its two-hundred day moving average price is $44.15. The firm has a market cap of $892.18 million, a PE ratio of 14.97 and a beta of 0.60.

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

TrustCo Bank Corp NY Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be paid a dividend of $0.38 per share. The ex-dividend date is Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a yield of 3.0%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 44.57%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRST. Cubist Systematic Strategies LLC raised its stake in TrustCo Bank Corp NY by 49.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock worth $128,000 after acquiring an additional 1,380 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in TrustCo Bank Corp NY by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock worth $336,000 after acquiring an additional 468 shares during the period. Jane Street Group LLC bought a new stake in TrustCo Bank Corp NY during the 1st quarter worth approximately $560,000. Intech Investment Management LLC raised its stake in TrustCo Bank Corp NY by 374.2% during the 1st quarter. Intech Investment Management LLC now owns 52,640 shares of the bank’s stock worth $1,604,000 after acquiring an additional 41,540 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in TrustCo Bank Corp NY by 2,435.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 786 shares of the bank’s stock worth $26,000 after acquiring an additional 755 shares during the period. 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.