TrustCo Bank Corp NY (NASDAQ:TRST) Shares Cross Above 200-Day Moving Average – Should You Sell?

TrustCo Bank Corp NY (NASDAQ:TRST) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $41.94 and traded as high as $47.06. TrustCo Bank Corp NY shares last traded at $46.88, with a volume of 112,246 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of TrustCo Bank Corp NY in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy”.

TrustCo Bank Corp NY Trading Down 1.0%

The firm has a market cap of $808.79 million, a price-to-earnings ratio of 14.21 and a beta of 0.57. The stock’s fifty day moving average price is $44.54 and its 200-day moving average price is $42.00.

TrustCo Bank Corp NY (NASDAQ:TRST) last released its quarterly earnings data on Wednesday, January 21st. The bank reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The firm had revenue of $48.17 million for the quarter, compared to analysts’ expectations of $48.69 million. TrustCo Bank Corp NY had a return on equity of 8.86% and a net margin of 21.96%.During the same period in the prior year, the firm posted $0.59 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th were issued a dividend of $0.38 per share. The ex-dividend date was Friday, March 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.3%. TrustCo Bank Corp NY’s dividend payout ratio is currently 46.77%.

TrustCo Bank Corp NY declared that its board has approved a share buyback plan on Friday, December 19th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 0.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On TrustCo Bank Corp NY

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of TrustCo Bank Corp NY by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 1,300,043 shares of the bank’s stock worth $53,731,000 after purchasing an additional 14,498 shares during the period. State Street Corp raised its position in TrustCo Bank Corp NY by 2.3% in the fourth quarter. State Street Corp now owns 905,841 shares of the bank’s stock valued at $37,771,000 after purchasing an additional 20,678 shares during the period. HoldCo Asset Management LP lifted its stake in TrustCo Bank Corp NY by 170.2% during the third quarter. HoldCo Asset Management LP now owns 872,744 shares of the bank’s stock worth $31,681,000 after purchasing an additional 549,729 shares in the last quarter. American Century Companies Inc. lifted its stake in TrustCo Bank Corp NY by 10.0% during the third quarter. American Century Companies Inc. now owns 514,237 shares of the bank’s stock worth $18,667,000 after purchasing an additional 46,881 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of TrustCo Bank Corp NY by 25.0% during the third quarter. Invesco Ltd. now owns 230,528 shares of the bank’s stock worth $8,368,000 after buying an additional 46,103 shares during the period. 68.57% of the stock is owned by hedge funds and other 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.