S&T Bancorp (NASDAQ:STBA) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of S&T Bancorp (NASDAQ:STBA) from a hold rating to a sell rating in a report published on Saturday morning,Wall Street Zen reports.

A number of other research firms have also weighed in on STBA. Keefe, Bruyette & Woods boosted their target price 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. Zacks Research downgraded shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. DA Davidson increased their price objective 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. Raymond James Financial began coverage on shares of S&T Bancorp in a research note on Thursday, October 1st. They set a “market perform” rating for the company. Finally, Hovde Group reissued 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. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.60.

S&T Bancorp Stock Down 0.8%

S&T Bancorp stock opened at $49.23 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99. The company’s 50-day moving average is $50.42 and its 200-day moving average is $47.27. The firm has a market capitalization of $1.74 billion, a PE ratio of 13.09 and a beta of 0.85. S&T Bancorp has a fifty-two week low of $34.38 and a fifty-two week high of $53.50.

S&T Bancorp (NASDAQ:STBA) last issued its earnings results 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. The business had revenue of $105.24 million during the quarter, compared to the consensus estimate of $104.43 million. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. Sell-side analysts anticipate that S&T Bancorp will post 3.95 earnings per share for the current year.

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

S&T Bancorp Announces Dividend

The firm also recently declared 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. This represents a $1.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, August 18th. S&T Bancorp’s dividend payout ratio (DPR) 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 business’s stock in a transaction dated Wednesday, August 12th. The shares were 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 of the company’s stock, valued at $890,440.96. The trade was a 40.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in STBA. Royal Bank of Canada grew its holdings in shares of S&T Bancorp by 5.0% during the first quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider’s stock worth $238,000 after purchasing an additional 269 shares during the last quarter. Amundi boosted its position in S&T Bancorp by 4.2% during the 2nd quarter. Amundi now owns 6,822 shares of the financial services provider’s stock worth $335,000 after buying an additional 273 shares during the period. GAMMA Investing LLC boosted its position in S&T Bancorp by 16.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,018 shares of the financial services provider’s stock worth $99,000 after buying an additional 285 shares during the period. Inspire Investing LLC grew its holdings in S&T Bancorp by 3.6% during the 1st quarter. Inspire Investing LLC now owns 12,270 shares of the financial services provider’s stock worth $513,000 after acquiring an additional 423 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in S&T Bancorp in the 2nd quarter valued at approximately $29,000. 65.22% of the stock is owned by institutional investors.

About S&T Bancorp

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.