S&T Bancorp (NASDAQ:STBA) Announces Quarterly Earnings Results

S&T Bancorp (NASDAQ:STBA) posted its quarterly earnings data on Thursday. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.10, Zacks reports. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.

S&T Bancorp Stock Performance

STBA traded up $1.76 during trading on Thursday, reaching $50.62. 62,545 shares of the company were exchanged, compared to its average volume of 251,554. S&T Bancorp has a 52 week low of $35.02 and a 52 week high of $53.50. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $49.58 and a 200 day moving average of $47.90. The stock has a market cap of $1.79 billion, a P/E ratio of 13.46 and a beta of 0.85.

S&T Bancorp Dividend Announcement

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 was Tuesday, August 18th. This represents a $1.48 dividend on an annualized basis and a yield of 2.9%. S&T Bancorp’s payout ratio is currently 39.36%.

Insider Transactions at S&T Bancorp

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the firm’s 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 directly owned 17,344 shares in the company, 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 filing with the SEC, which can be accessed through this link. Insiders own 1.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on STBA shares. Zacks Research cut S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a research note on Friday, July 24th. Hovde Group reaffirmed a “market perform” rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. Raymond James Financial initiated coverage on shares of S&T Bancorp in a report on Thursday, October 1st. They set a “market perform” rating for the company. Finally, DA Davidson increased their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $51.60.

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

S&T Bancorp Company Profile

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.