TrustCo Bank Corp NY (NASDAQ:TRST) Hits New 1-Year High – What’s Next?

TrustCo Bank Corp NY (NASDAQ:TRST) shares reached a new 52-week high on Wednesday. The stock traded as high as $59.96 and last traded at $58.2760, with a volume of 5,648 shares changing hands. The stock had previously closed at $57.40.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of TrustCo Bank Corp NY from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, October 23rd. One research analyst has rated the stock with a Buy rating. According to data from MarketBeat, TrustCo Bank Corp NY has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Up 1.9%

The company has a market cap of $995.83 million, a P/E ratio of 15.52 and a beta of 0.65. The company has a fifty day moving average of $56.09 and a 200 day moving average of $51.04.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $1.02 EPS for the quarter. The company had revenue of $51.86 million during the quarter. TrustCo Bank Corp NY had a return on equity of 10.00% and a net margin of 22.83%.

TrustCo Bank Corp NY Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from TrustCo Bank Corp NY’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a yield of 2.7%. TrustCo Bank Corp NY’s payout ratio is 42.55%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in shares of TrustCo Bank Corp NY by 31.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,422 shares of the bank’s stock valued at $78,000 after purchasing an additional 337 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of TrustCo Bank Corp NY by 22.4% in the third quarter. SummerHaven Investment Management LLC now owns 26,431 shares of the bank’s stock worth $1,435,000 after buying an additional 4,837 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of TrustCo Bank Corp NY by 7.7% in the third quarter. GAMMA Investing LLC now owns 3,451 shares of the bank’s stock worth $187,000 after buying an additional 247 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of TrustCo Bank Corp NY by 82.3% in the third quarter. Farther Finance Advisors LLC now owns 452 shares of the bank’s stock worth $25,000 after buying an additional 204 shares during the last quarter. Finally, Bouchey Financial Group Ltd. purchased a new position in shares of TrustCo Bank Corp NY in the second quarter worth approximately $228,000. 68.57% of the stock is currently owned by institutional investors.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is the holding company for Trustco Bank, a community-focused savings bank headquartered in Glenville, New York. Founded in 1902, the company provides banking and financial services to individuals, families, and businesses through a network of branches and digital banking channels.

Trustco Bank’s products and services include checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, home equity loans and lines of credit, and commercial real estate financing.