S&T Bancorp (NASDAQ:STBA) Hits New 1-Year High – Time to Buy?

Shares of S&T Bancorp, Inc. (NASDAQ:STBA) hit a new 52-week high on Wednesday . The stock traded as high as $53.50 and last traded at $53.36, with a volume of 332475 shares trading hands. The stock had previously closed at $52.13.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a research note on Monday. DA Davidson increased their target price on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a report on Friday. Hovde Group restated a “market perform” rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research report on Monday. Finally, Piper Sandler upped their price objective on shares of S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, S&T Bancorp presently has an average rating of “Hold” and a consensus price target of $51.60.

S&T Bancorp Stock Up 2.4%

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $47.84 and a 200 day moving average of $44.43. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 14.19 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. The firm had revenue of $105.24 million for the quarter, compared to analysts’ expectations of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. As a group, sell-side analysts predict that S&T Bancorp, Inc. will post 3.88 earnings per share for the current year.

S&T Bancorp declared that its Board of Directors has initiated a stock buyback program on Thursday, July 23rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 5.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On S&T Bancorp

A number of large investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in shares of S&T Bancorp by 10.1% during the first quarter. Royal Bank of Canada now owns 13,147 shares of the financial services provider’s stock valued at $487,000 after purchasing an additional 1,206 shares during the period. AQR Capital Management LLC grew its stake in shares of S&T Bancorp by 54.9% in the 1st quarter. AQR Capital Management LLC now owns 36,148 shares of the financial services provider’s stock valued at $1,339,000 after buying an additional 12,810 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of S&T Bancorp by 5.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,756 shares of the financial services provider’s stock valued at $843,000 after buying an additional 1,086 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in S&T Bancorp by 7.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,837 shares of the financial services provider’s stock valued at $3,884,000 after buying an additional 7,286 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in S&T Bancorp in the 1st quarter valued at about $4,211,000. 65.22% of the stock is currently owned by institutional investors and hedge funds.

S&T Bancorp Company Profile

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.