DA Davidson Issues Positive Forecast for S&T Bancorp (NASDAQ:STBA) Stock Price

S&T Bancorp (NASDAQ:STBA) had its target price lifted by analysts at DA Davidson from $47.00 to $53.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price target points to a potential upside of 2.34% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a report on Friday. Piper Sandler increased their price target on shares of S&T Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $47.80.

S&T Bancorp Price Performance

Shares of NASDAQ STBA opened at $51.79 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a fifty day moving average price of $47.50 and a 200 day moving average price of $44.25. S&T Bancorp has a 1-year low of $34.01 and a 1-year high of $52.12. The company has a market cap of $1.86 billion, a PE ratio of 13.77 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. The company had revenue of $105.24 million for the quarter, compared to analysts’ expectations of $104.43 million. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. Sell-side analysts forecast that S&T Bancorp will post 3.8 EPS for the current year.

S&T Bancorp announced that its board has approved a share repurchase program on Thursday, July 23rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 5.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STBA. Costello Asset Management INC acquired a new stake in shares of S&T Bancorp during the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of S&T Bancorp by 5,223.5% during the second quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock valued at $34,000 after buying an additional 888 shares during the period. Torren Management LLC purchased a new position in shares of S&T Bancorp during the fourth quarter valued at approximately $37,000. Smithfield Trust Co purchased a new position in shares of S&T Bancorp during the fourth quarter valued at approximately $40,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in S&T Bancorp during the third quarter worth approximately $50,000. 65.22% of the stock is currently owned by hedge funds and other institutional investors.

About S&T Bancorp

S&T Bancorp, Inc is a bank holding company headquartered in Indiana, Pennsylvania, serving as the parent of S&T Bank. Established as a banking organization in 1902 with the holding company formation following in the early 1980s, S&T Bancorp has built its reputation on delivering community-oriented financial services. The company operates under the NASDAQ ticker STBA, maintaining a focus on personalized banking solutions and local decision-making.

The company’s main business activities encompass a full suite of retail and commercial banking products.