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

TrustCo Bank Corp NY (NASDAQ:TRST)’s share price reached a new 52-week high on Wednesday . The company traded as high as $44.23 and last traded at $44.29, with a volume of 8332 shares. The stock had previously closed at $43.58.

Analysts Set New Price Targets

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

TrustCo Bank Corp NY Stock Performance

The stock has a market cap of $826.14 million, a PE ratio of 15.00 and a beta of 0.65. The firm has a fifty day moving average price of $39.27 and a 200 day moving average price of $36.59.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its earnings results on Tuesday, October 21st. The bank reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.13. TrustCo Bank Corp NY had a return on equity of 8.27% and a net margin of 20.74%.The firm had revenue of $47.81 million for the quarter, compared to the consensus estimate of $47.27 million. During the same period in the previous year, the business earned $0.68 EPS.

TrustCo Bank Corp NY Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 5th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, December 5th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 50.84%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC purchased a new position in shares of TrustCo Bank Corp NY in the third quarter worth $294,000. HoldCo Asset Management LP lifted its position in TrustCo Bank Corp NY by 170.2% during the 3rd quarter. HoldCo Asset Management LP now owns 872,744 shares of the bank’s stock worth $31,681,000 after acquiring an additional 549,729 shares during the period. Bank of America Corp DE raised its stake in shares of TrustCo Bank Corp NY by 17.2% in the third quarter. Bank of America Corp DE now owns 52,746 shares of the bank’s stock worth $1,915,000 after purchasing an additional 7,754 shares during the last quarter. Raymond James Financial Inc. boosted its position in TrustCo Bank Corp NY by 10.9% in the third quarter. Raymond James Financial Inc. now owns 8,201 shares of the bank’s stock valued at $298,000 after buying an additional 808 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in TrustCo Bank Corp NY by 55.4% in the 3rd quarter. Two Sigma Investments LP now owns 115,107 shares of the bank’s stock worth $4,178,000 after buying an additional 41,051 shares during the period. Institutional investors and hedge funds own 68.57% of the company’s stock.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals and businesses. The company accepts deposits; and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities.