S&T Bancorp, Inc. $STBA Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC grew its stake in S&T Bancorp, Inc. (NASDAQ:STBA) by 38.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 203,260 shares of the financial services provider’s stock after purchasing an additional 56,574 shares during the period. ProShare Advisors LLC’s holdings in S&T Bancorp were worth $9,832,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of STBA. Public Employees Retirement System of Ohio bought a new position in shares of S&T Bancorp during the 2nd quarter valued at approximately $29,000. Fortitude Family Office LLC purchased a new stake in S&T Bancorp during the 3rd quarter valued at $31,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in S&T Bancorp during the 2nd quarter valued at $37,000. Strs Ohio bought a new stake in S&T Bancorp in the first quarter worth $54,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in S&T Bancorp in the second quarter worth $74,000. Hedge funds and other institutional investors own 65.22% of the company’s stock.

Wall Street Analysts Forecast Growth

STBA has been the subject of several recent analyst reports. DA Davidson lifted their price objective on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods increased their target price on shares of S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Raymond James Financial started coverage on shares of S&T Bancorp in a report on Thursday, October 1st. They issued a “market perform” rating for the company. Zacks Research lowered shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Finally, Piper Sandler lifted their price target on shares of S&T Bancorp from $53.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, October 26th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.20.

Insiders Place Their Bets

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total value of $615,001.86. Following the sale, the director owned 17,344 shares in the company, valued at $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 SEC, which is available at this hyperlink. 1.23% of the stock is currently owned by insiders.

S&T Bancorp Trading Down 1.5%

STBA opened at $51.27 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.99 and a current ratio of 0.99. The stock’s 50 day moving average price is $49.63 and its 200-day moving average price is $46.50. S&T Bancorp, Inc. has a one year low of $36.39 and a one year high of $53.50. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 13.21 and a beta of 0.86.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. S&T Bancorp had a return on equity of 10.11% and a net margin of 25.10%. The firm had revenue of $107.79 million during the quarter, compared to analyst estimates of $106.72 million. On average, equities analysts forecast that S&T Bancorp, Inc. will post 4.06 EPS for the current year.

S&T Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a $0.37 dividend. The ex-dividend date is Thursday, November 12th. This represents a $1.48 dividend on an annualized basis and a yield of 2.9%. S&T Bancorp’s dividend payout ratio (DPR) is presently 37.56%.

S&T Bancorp declared that its board has approved a share buyback program on Thursday, July 23rd that authorizes the company to buy back $100 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 5.6% of its shares through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

About S&T Bancorp

S&T Bancorp, Inc is the financial holding company for S&T Bank, a community bank headquartered in Indiana, Pennsylvania. Founded in 1902, S&T Bank serves consumers, businesses, and institutions through a network of banking offices and digital channels.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing, and business loans. It also offers treasury and cash-management services designed to support business customers.

S&T Bank serves communities primarily across western Pennsylvania and eastern Ohio.