S&T Bancorp (NASDAQ:STBA) Research Coverage Started at Raymond James Financial

Raymond James Financial started coverage on shares of S&T Bancorp (NASDAQ:STBA) in a research report sent to investors on Thursday morning, Marketbeat reports. The firm issued a market perform rating on the financial services provider’s stock.

STBA has been the subject of a number of other reports. DA Davidson boosted 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 note on Friday, July 24th. Piper Sandler raised their price target on S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. 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 report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. Finally, Hovde Group reissued 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. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.60.

S&T Bancorp Stock Performance

Shares of STBA stock opened at $49.64 on Thursday. The company has a 50 day moving average price of $50.48 and a 200-day moving average price of $47.16. S&T Bancorp has a 52 week low of $34.38 and a 52 week high of $53.50. The firm has a market capitalization of $1.75 billion, a PE ratio of 13.20 and a beta of 0.85. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $104.43 million. As a group, equities research analysts expect that S&T Bancorp will post 3.95 earnings per share for the current year.

S&T Bancorp announced that its board has initiated a stock buyback plan on Thursday, July 23rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 5.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

S&T Bancorp Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 3.0%. S&T Bancorp’s payout ratio is 39.36%.

Insider Buying and Selling

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total value of $615,001.86. Following the completion of the sale, the director owned 17,344 shares in the company, valued at $890,440.96. This represents a 40.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in S&T Bancorp in the 2nd quarter worth approximately $253,047,000. Bank of America Corp DE bought a new stake in shares of S&T Bancorp during the second quarter valued at approximately $29,117,000. Bank of New York Mellon Corp purchased a new position in shares of S&T Bancorp in the second quarter worth $17,649,000. Empowered Funds LLC purchased a new position in shares of S&T Bancorp in the second quarter worth $8,531,000. Finally, Legal & General Group Plc bought a new position in shares of S&T Bancorp during the second quarter worth $4,221,000. 65.22% of the stock is currently owned by institutional investors.

S&T Bancorp Company Profile

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.