S&T Bancorp, Inc. (NASDAQ:STBA) Stock Has Average Price Target of $51.60 According to Brokerages

Shares of S&T Bancorp, Inc. (NASDAQ:STBA) have earned an average recommendation of “Hold” from the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $51.60.

STBA has been the topic of several research analyst reports. DA Davidson upped their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Raymond James Financial initiated coverage on S&T Bancorp in a research note on Thursday, October 1st. They set a “market perform” rating for the company. Hovde Group restated a “market perform” rating and set a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Piper Sandler upped their target price on S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th.

S&T Bancorp Price Performance

Shares of NASDAQ STBA opened at $48.38 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.99 and a current ratio of 0.99. S&T Bancorp has a fifty-two week low of $34.38 and a fifty-two week high of $53.50. The stock has a market cap of $1.71 billion, a PE ratio of 12.87 and a beta of 0.85. The stock has a fifty day moving average of $50.24 and a 200-day moving average of $47.39.

S&T Bancorp (NASDAQ:STBA) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.The firm had revenue of $105.24 million for the quarter, compared to analysts’ expectations of $104.43 million. Equities research analysts anticipate that S&T Bancorp will post 3.95 earnings per share for the current year.

S&T Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, August 18th. S&T Bancorp’s payout ratio is currently 39.36%.

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

Insider Activity at S&T Bancorp

In other news, Director William Hieb sold 11,979 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total transaction of $615,001.86. Following the sale, the director owned 17,344 shares in the company, valued at approximately $890,440.96. This trade represents a 40.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STBA. Engineers Gate Manager LP raised its stake in shares of S&T Bancorp by 110.4% during the second quarter. Engineers Gate Manager LP now owns 24,987 shares of the financial services provider’s stock worth $1,226,000 after acquiring an additional 13,110 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of S&T Bancorp in the second quarter worth about $1,839,000. Corient Private Wealth LP increased its holdings in shares of S&T Bancorp by 3.2% in the second quarter. Corient Private Wealth LP now owns 50,070 shares of the financial services provider’s stock worth $2,457,000 after buying an additional 1,575 shares during the period. Amundi lifted its stake in shares of S&T Bancorp by 4.2% in the 2nd quarter. Amundi now owns 6,822 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 273 shares during the last quarter. Finally, NI Acquisitions Company LLC bought a new stake in shares of S&T Bancorp in the 2nd quarter valued at about $714,000. 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. Its principal subsidiary, S&T Bank, provides banking and financial services to consumers, businesses and institutions.

S&T Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury and cash-management services, online and mobile banking, and mortgage services. Through its wealth-management and trust operations, the bank also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1902, S&T Bancorp serves customers through a network of offices and digital banking channels in western and central Pennsylvania and eastern Ohio.