S&T Bancorp (NASDAQ:STBA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of S&T Bancorp (NASDAQ:STBA) from a sell rating to a hold rating in a research report released on Sunday,Wall Street Zen reports.

Several other research firms also recently weighed in on STBA. Piper Sandler upped their price objective on shares of S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Zacks Research downgraded shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 25th. Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. Raymond James Financial assumed coverage on S&T Bancorp in a research note on Thursday, October 1st. They issued a “market perform” rating on the stock. Finally, DA Davidson upped their price objective on S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, S&T Bancorp presently has a consensus rating of “Hold” and a consensus price target of $51.60.

S&T Bancorp Stock Performance

S&T Bancorp stock opened at $48.08 on Friday. The company has a market cap of $1.70 billion, a PE ratio of 12.88 and a beta of 0.85. S&T Bancorp has a 12 month low of $34.38 and a 12 month high of $53.50. The company has a fifty day moving average price of $49.92 and a two-hundred day moving average price of $47.61. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99.

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 (EPS) for the quarter, topping 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 business had revenue of $105.24 million for the quarter, compared to the consensus estimate of $104.43 million. Research analysts expect that S&T Bancorp will post 3.95 earnings per share for the current year.

S&T Bancorp declared that its board has authorized a stock buyback plan on Thursday, July 23rd that authorizes the company to buy back $100.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

S&T Bancorp Announces Dividend

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

Insider Transactions at S&T Bancorp

In related news, Director William Hieb sold 11,979 shares of S&T Bancorp stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total transaction of $615,001.86. Following the completion of the sale, the director owned 17,344 shares of the company’s stock, valued at approximately $890,440.96. This trade represents a 40.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.23% of the stock is currently owned by insiders.

Institutional Investors Weigh In On S&T Bancorp

Several large investors have recently made changes to their positions in STBA. Quantinno Capital Management LP boosted its position in shares of S&T Bancorp by 220.3% during the 1st quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider’s stock worth $2,816,000 after purchasing an additional 46,308 shares in the last quarter. Deutsche Bank AG bought a new stake in S&T Bancorp in the 2nd quarter valued at about $1,990,000. Bank of America Corp DE bought a new stake in S&T Bancorp in the 2nd quarter valued at about $29,117,000. Arrowstreet Capital Limited Partnership raised its stake in S&T Bancorp by 19.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 123,171 shares of the financial services provider’s stock worth $5,152,000 after buying an additional 20,460 shares during the period. Finally, BlackRock Inc. acquired a new position in S&T Bancorp during the 2nd quarter worth approximately $253,047,000. Institutional investors own 65.22% of the company’s stock.

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.