TrustCo Bank Corp NY (NASDAQ:TRST) Sets New 12-Month High – Here’s What Happened

TrustCo Bank Corp NY (NASDAQ:TRST) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $55.82 and last traded at $55.4950, with a volume of 15581 shares changing hands. The stock had previously closed at $54.91.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Up 1.9%

The firm has a 50 day moving average of $50.67 and a 200-day moving average of $46.29. The company has a market cap of $978.01 million, a P/E ratio of 16.41 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 for the quarter. TrustCo Bank Corp NY had a return on equity of 9.21% and a net margin of 22.42%.The business had revenue of $49.55 million during the quarter.

TrustCo Bank Corp NY Dividend Announcement

The company also recently disclosed 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. This represents a $1.52 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, June 5th. TrustCo Bank Corp NY’s payout ratio is presently 44.57%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its holdings 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 in the last quarter. Kestra Advisory Services LLC purchased a new position in TrustCo Bank Corp NY during the fourth quarter valued at approximately $46,000. Godfrey Financial Associates Inc. bought a new position in TrustCo Bank Corp NY in the fourth quarter worth approximately $56,000. Hantz Financial Services Inc. raised its stake in TrustCo Bank Corp NY by 65.7% in the fourth quarter. Hantz Financial Services Inc. now owns 1,445 shares of the bank’s stock worth $60,000 after buying an additional 573 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in TrustCo Bank Corp NY by 48.4% during the third quarter. Russell Investments Group Ltd. now owns 1,701 shares of the bank’s stock worth $62,000 after buying an additional 555 shares during the period. 68.57% of the stock is currently 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.