TrustCo Bank Corp NY (NASDAQ:TRST) Reaches New 1-Year High – Time to Buy?

TrustCo Bank Corp NY (NASDAQ:TRST)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $59.10 and last traded at $57.9050, with a volume of 6658 shares. The stock had previously closed at $58.42.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research note on Friday, September 4th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy”.

TrustCo Bank Corp NY Stock Down 1.1%

The stock has a market capitalization of $983.52 million, a price-to-earnings ratio of 16.07 and a beta of 0.63. The company has a 50 day simple moving average of $56.37 and a 200-day simple moving average of $50.95.

TrustCo Bank Corp NY (NASDAQ:TRST) last issued its earnings results on Tuesday, July 21st. The bank reported $0.98 EPS for the quarter. The company had revenue of $51.50 million during the quarter. TrustCo Bank Corp NY had a return on equity of 9.62% and a net margin of 22.76%.

TrustCo Bank Corp NY Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.40 per share. 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 dividend yield of 2.8%. The ex-dividend date is Friday, September 4th. TrustCo Bank Corp NY’s dividend payout ratio is presently 44.44%.

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of large investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC raised its holdings in TrustCo Bank Corp NY by 49.2% during the first quarter. Cubist Systematic Strategies LLC now owns 4,183 shares of the bank’s stock worth $128,000 after buying an additional 1,380 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of TrustCo Bank Corp NY by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,036 shares of the bank’s stock valued at $336,000 after buying an additional 468 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of TrustCo Bank Corp NY during the first quarter worth about $560,000. Intech Investment Management LLC increased its position in shares of TrustCo Bank Corp NY by 374.2% during the first 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 in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of TrustCo Bank Corp NY by 2,435.5% in 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 last quarter. 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.