Deutsche Bank AG purchased a new stake in S&T Bancorp, Inc. (NASDAQ:STBA – Free Report) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 40,541 shares of the financial services provider’s stock, valued at approximately $1,990,000.
Other large investors also recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in shares of S&T Bancorp by 10.1% during the first quarter. Royal Bank of Canada now owns 13,147 shares of the financial services provider’s stock worth $487,000 after purchasing an additional 1,206 shares during the last quarter. AQR Capital Management LLC lifted its position in S&T Bancorp by 54.9% during the first quarter. AQR Capital Management LLC now owns 36,148 shares of the financial services provider’s stock worth $1,339,000 after buying an additional 12,810 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in S&T Bancorp by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,756 shares of the financial services provider’s stock worth $843,000 after buying an additional 1,086 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in S&T Bancorp by 7.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,837 shares of the financial services provider’s stock worth $3,884,000 after buying an additional 7,286 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in S&T Bancorp in the 1st quarter worth about $4,211,000. Hedge funds and other institutional investors own 65.22% of the company’s stock.
Analysts Set New Price Targets
A number of research firms recently commented on STBA. Hovde Group reiterated a “market perform” rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. DA Davidson upped 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. Zacks Research upgraded S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Piper Sandler raised their target price on shares of S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, S&T Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $51.60.
Insider Buying and Selling at S&T Bancorp
In other news, Director William J. Hieb sold 11,979 shares of S&T Bancorp stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total transaction of $615,001.86. Following the completion of the sale, the director directly owned 17,344 shares in the company, valued at $890,440.96. The trade was a 40.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.23% of the stock is owned by company insiders.
S&T Bancorp Stock Down 0.1%
Shares of NASDAQ:STBA opened at $49.79 on Friday. The company has a market cap of $1.76 billion, a PE ratio of 13.24 and a beta of 0.85. The firm has a 50 day simple moving average of $50.27 and a 200 day simple moving average of $45.93. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.99 and a current ratio of 0.99. S&T Bancorp, Inc. has a 52 week low of $34.38 and a 52 week high of $53.50.
S&T Bancorp (NASDAQ:STBA – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.The firm had revenue of $105.24 million for the quarter, compared to analyst estimates of $104.43 million. As a group, research analysts expect that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.
S&T Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, August 18th. S&T Bancorp’s payout ratio is currently 39.36%.
S&T Bancorp announced that its Board of Directors has authorized a share repurchase program on Thursday, July 23rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 5.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
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.
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