TrustCo Bank Corp NY (NASDAQ:TRST) Sets New 52-Week High on Better-Than-Expected Earnings

TrustCo Bank Corp NY (NASDAQ:TRST)’s stock price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $34.12 and last traded at $33.53, with a volume of 15383 shares trading hands. The stock had previously closed at $33.03.

The bank reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.13. TrustCo Bank Corp NY had a net margin of 21.17% and a return on equity of 8.35%. The firm had revenue of $66.24 million during the quarter, compared to analyst estimates of $40.94 million. During the same period in the previous year, the business posted $0.86 earnings per share.

TrustCo Bank Corp NY Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 7th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend was Friday, June 7th. TrustCo Bank Corp NY’s payout ratio is 51.61%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On TrustCo Bank Corp NY

A number of institutional investors and hedge funds have recently made changes to their positions in TRST. Allspring Global Investments Holdings LLC lifted its holdings in TrustCo Bank Corp NY by 26.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,794 shares of the bank’s stock valued at $51,000 after purchasing an additional 378 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in TrustCo Bank Corp NY by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,556 shares of the bank’s stock valued at $354,000 after purchasing an additional 662 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in TrustCo Bank Corp NY by 14.3% during the fourth quarter. New York State Common Retirement Fund now owns 7,295 shares of the bank’s stock valued at $227,000 after purchasing an additional 910 shares in the last quarter. GAMMA Investing LLC purchased a new position in TrustCo Bank Corp NY during the fourth quarter valued at approximately $28,000. Finally, PNC Financial Services Group Inc. lifted its holdings in TrustCo Bank Corp NY by 12.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,903 shares of the bank’s stock valued at $307,000 after purchasing an additional 1,068 shares in the last quarter. Hedge funds and other institutional investors own 68.57% of the company’s stock.

TrustCo Bank Corp NY Stock Up 1.9 %

The firm has a market cap of $640.02 million, a PE ratio of 11.86 and a beta of 0.83. The firm’s fifty day simple moving average is $28.50 and its two-hundred day simple moving average is $28.09.

TrustCo Bank Corp NY Company Profile

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.