TrustCo Bank Corp NY (NASDAQ:TRST) Share Price Crosses Above 200 Day Moving Average of $29.34

TrustCo Bank Corp NY (NASDAQ:TRST) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $29.34 and traded as high as $32.57. TrustCo Bank Corp NY shares last traded at $32.44, with a volume of 68,285 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com raised TrustCo Bank Corp NY from a “sell” rating to a “hold” rating in a research note on Monday, June 17th.

TrustCo Bank Corp NY Stock Up 2.2 %

The company’s fifty day simple moving average is $32.99 and its two-hundred day simple moving average is $29.40. The company has a market capitalization of $631.13 million, a price-to-earnings ratio of 11.90 and a beta of 0.82.

TrustCo Bank Corp NY (NASDAQ:TRST) last posted its earnings results on Monday, July 22nd. The bank reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.13. The firm had revenue of $66.24 million during the quarter, compared to analysts’ expectations of $40.94 million. TrustCo Bank Corp NY had a return on equity of 7.65% and a net margin of 19.22%. During the same period in the previous year, the firm earned $0.86 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, September 6th. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is presently 51.61%.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in TrustCo Bank Corp NY by 26.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,794 shares of the bank’s stock worth $51,000 after purchasing an additional 378 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of TrustCo Bank Corp NY by 577.9% during the second quarter. Meeder Asset Management Inc. now owns 2,942 shares of the bank’s stock worth $85,000 after buying an additional 2,508 shares in the last quarter. CWM LLC raised its position in TrustCo Bank Corp NY by 547.5% in the 2nd quarter. CWM LLC now owns 4,565 shares of the bank’s stock valued at $131,000 after buying an additional 3,860 shares during the last quarter. Quest Partners LLC bought a new stake in TrustCo Bank Corp NY in the 4th quarter valued at approximately $144,000. Finally, New York State Common Retirement Fund boosted its position in TrustCo Bank Corp NY by 14.3% during the 4th quarter. New York State Common Retirement Fund now owns 7,295 shares of the bank’s stock worth $227,000 after acquiring an additional 910 shares during the last quarter. 68.57% of the stock is currently owned by institutional investors and hedge funds.

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.