S&T Bancorp (NASDAQ:STBA) Director William Hieb Sells 11,979 Shares of Stock

S&T Bancorp, Inc. (NASDAQ:STBA) Director William Hieb sold 11,979 shares of the stock in a transaction dated Wednesday, August 12th. The shares were 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 $890,440.96. This trade represents a 40.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

S&T Bancorp Stock Performance

NASDAQ:STBA opened at $51.56 on Friday. The company has a market cap of $1.82 billion, a P/E ratio of 13.71 and a beta of 0.85. S&T Bancorp, Inc. has a twelve month low of $34.38 and a twelve month high of $53.50. The company’s 50-day moving average price is $49.51 and its 200-day moving average price is $45.38. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05.

S&T Bancorp (NASDAQ:STBA) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. The company had revenue of $105.24 million during the quarter, compared to analysts’ expectations of $104.43 million. On average, sell-side analysts forecast that S&T Bancorp, Inc. will post 3.93 earnings per share for the current fiscal year.

S&T Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is 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 39.36%.

S&T Bancorp declared that its board has authorized a share 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 reacquire up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. Hovde Group reiterated a “market perform” rating and issued a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. DA Davidson increased their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Piper Sandler increased their price objective on S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Zacks Research raised S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.60.

Hedge Funds Weigh In On S&T Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Costello Asset Management INC acquired a new position in S&T Bancorp in the 4th quarter valued at about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of S&T Bancorp during the second quarter worth about $37,000. EverSource Wealth Advisors LLC boosted its stake in shares of S&T Bancorp by 5,223.5% in the second quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 888 shares during the period. Torren Management LLC purchased a new position in shares of S&T Bancorp in the fourth quarter valued at approximately $37,000. Finally, Smithfield Trust Co acquired a new position in shares of S&T Bancorp in the fourth quarter valued at approximately $40,000. 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, 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.