TrustCo Bank Corp NY (NASDAQ:TRST) Reaches New 12-Month High – Still a Buy?

TrustCo Bank Corp NY (NASDAQ:TRST) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $59.28 and last traded at $57.37, with a volume of 245042 shares. The stock had previously closed at $59.11.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of TrustCo Bank Corp NY in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, TrustCo Bank Corp NY currently has an average rating of “Buy”.

TrustCo Bank Corp NY Stock Up 0.7%

The company has a market cap of $965.09 million, a price-to-earnings ratio of 15.74 and a beta of 0.63. The company has a fifty day simple moving average of $56.77 and a two-hundred day simple moving average of $51.46.

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

TrustCo Bank Corp NY Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from TrustCo Bank Corp NY’s previous quarterly dividend of $0.38. TrustCo Bank Corp NY’s dividend payout ratio (DPR) is currently 44.44%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Nykredit A S acquired a new stake in TrustCo Bank Corp NY in the 2nd quarter valued at approximately $27,000. Integrated Wealth Concepts LLC bought a new position in TrustCo Bank Corp NY in the 2nd quarter valued at $68,000. Godfrey Financial Associates Inc. acquired a new position in TrustCo Bank Corp NY in the fourth quarter worth $56,000. Hantz Financial Services Inc. increased its position in TrustCo Bank Corp NY by 65.7% in the 4th quarter. Hantz Financial Services Inc. now owns 1,445 shares of the bank’s stock valued at $60,000 after acquiring an additional 573 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of TrustCo Bank Corp NY by 18.5% during the second quarter. GAMMA Investing LLC now owns 3,204 shares of the bank’s stock worth $176,000 after purchasing an additional 501 shares in the last quarter. Institutional investors and hedge funds own 68.57% of the company’s stock.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is the bank holding company for Trustco Bank, a community-focused savings bank headquartered in Glenville, New York. Founded in 1902, Trustco has built its business around serving individuals, families and local businesses through a network of banking offices and digital services.

Trustco Bank provides deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include residential mortgages, home equity loans and lines of credit, consumer loans, and selected commercial lending products.