VIRGINIA RETIREMENT SYSTEMS ET Al Buys 10,800 Shares of S&T Bancorp, Inc. $STBA

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in S&T Bancorp, Inc. (NASDAQ:STBA) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 10,800 shares of the financial services provider’s stock, valued at approximately $522,000.

Several other hedge funds have also added to or reduced their stakes in the business. Quantinno Capital Management LP boosted its position in S&T Bancorp by 220.3% during the first quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider’s stock valued at $2,816,000 after buying an additional 46,308 shares during the period. Deutsche Bank AG purchased a new position in shares of S&T Bancorp in the second quarter worth about $1,990,000. Bank of America Corp DE purchased a new position in shares of S&T Bancorp in the second quarter worth about $29,117,000. Empowered Funds LLC purchased a new position in shares of S&T Bancorp in the second quarter worth about $8,531,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of S&T Bancorp by 19.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 123,171 shares of the financial services provider’s stock valued at $5,152,000 after acquiring an additional 20,460 shares during the last quarter. 65.22% of the stock is owned by institutional investors.

S&T Bancorp Trading Down 0.2%

Shares of STBA stock traded down $0.11 during mid-day trading on Friday, reaching $50.78. The stock had a trading volume of 231,206 shares, compared to its average volume of 209,132. The firm has a market capitalization of $1.79 billion, a PE ratio of 12.89 and a beta of 0.86. The stock’s 50-day moving average price is $49.71 and its two-hundred day moving average price is $46.66. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.04. S&T Bancorp, Inc. has a 52-week low of $36.94 and a 52-week high of $53.58.

S&T Bancorp (NASDAQ:STBA) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. The company had revenue of $107.79 million during the quarter, compared to analyst estimates of $106.72 million. S&T Bancorp had a net margin of 25.10% and a return on equity of 10.11%. Equities analysts expect that S&T Bancorp, Inc. will post 4.06 earnings per share for the current fiscal year.

S&T Bancorp declared that its board has initiated a stock buyback plan on Thursday, July 23rd that allows the company to buy back $100 million in shares. This buyback authorization allows the financial services provider to purchase up to 5.6% of its shares through open market purchases. Share buyback plans are generally a sign that the company’s board believes its stock is undervalued.

S&T Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $1.48 dividend on an annualized basis and a yield of 2.9%. S&T Bancorp’s dividend payout ratio is presently 37.56%.

Insider Buying and Selling

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 17,344 shares in the company, valued at approximately $890,440.96. This trade represents a 40.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

STBA has been the subject of several analyst reports. Zacks Research cut S&T Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Wall Street Zen raised S&T Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, October 11th. Keefe, Bruyette & Woods lifted their price target on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a research report on Thursday, October 22nd. Finally, Raymond James Financial began coverage on S&T Bancorp in a research note on Thursday, October 1st. They set a “market perform” rating for the company. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $52.20.

S&T Bancorp 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.