TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 12-Month High – Here’s Why

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

TrustCo Bank Corp NY Stock Performance

The firm has a market cap of $897.52 million, a price-to-earnings ratio of 15.06 and a beta of 0.60. The business’s 50-day moving average is $46.54 and its 200-day moving average is $44.32.

TrustCo Bank Corp NY (NASDAQ:TRST) last announced its earnings results on Tuesday, April 21st. The bank reported $0.91 earnings per share (EPS) for the quarter. The business had revenue of $49.55 million during 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be given 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 dividend yield of 3.0%. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is 44.57%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of TrustCo Bank Corp NY by 11.4% during the 4th quarter. GAMMA Investing LLC now owns 2,577 shares of the bank’s stock worth $107,000 after purchasing an additional 264 shares in the last quarter. DUTCH ASSET Corp increased its position in TrustCo Bank Corp NY by 5.9% in the 1st quarter. DUTCH ASSET Corp now owns 5,500 shares of the bank’s stock valued at $241,000 after acquiring an additional 304 shares in the last quarter. Gabelli Funds LLC increased its position in TrustCo Bank Corp NY by 0.6% in the 2nd quarter. Gabelli Funds LLC now owns 75,730 shares of the bank’s stock valued at $2,531,000 after acquiring an additional 425 shares in the last quarter. Hantz Financial Services Inc. increased its position in TrustCo Bank Corp NY by 108.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 872 shares of the bank’s stock valued at $32,000 after acquiring an additional 453 shares in the last quarter. Finally, Retirement Planning Group LLC NY increased its position in TrustCo Bank Corp NY by 9.2% in the 1st quarter. Retirement Planning Group LLC NY now owns 5,501 shares of the bank’s stock valued at $243,000 after acquiring an additional 463 shares in the last quarter. Institutional investors and hedge funds 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.