Sei Investments Co. purchased a new stake in S&T Bancorp, Inc. (NASDAQ:STBA – Free Report) in the first quarter, Holdings Channel reports. The firm purchased 14,878 shares of the financial services provider’s stock, valued at approximately $622,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Costello Asset Management INC purchased a new position in S&T Bancorp during the 4th quarter worth $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of S&T Bancorp by 5,223.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock worth $34,000 after buying an additional 888 shares during the period. Torren Management LLC bought a new position in shares of S&T Bancorp during the 4th quarter worth $37,000. Smithfield Trust Co purchased a new position in shares of S&T Bancorp during the fourth quarter valued at $40,000. Finally, Strs Ohio purchased a new position in shares of S&T Bancorp during the first quarter valued at $54,000. Institutional investors own 65.22% of the company’s stock.
S&T Bancorp Trading Down 0.8%
STBA opened at $51.14 on Friday. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 13.60 and a beta of 0.85. 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, Inc. has a 12 month low of $34.38 and a 12 month high of $53.50. The stock has a fifty day moving average price of $49.62 and a 200-day moving average price of $45.43.
S&T Bancorp declared that its board has initiated a stock buyback program on Thursday, July 23rd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
S&T Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, August 18th. S&T Bancorp’s dividend payout ratio is presently 39.36%.
Insider Activity at S&T Bancorp
In other news, Director William J. Hieb sold 11,979 shares of the firm’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 sale, the director directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.23% of the company’s stock.
Wall Street Analyst Weigh In
STBA has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their price objective on S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Hovde Group reiterated a “market perform” rating and set a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. 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 report on Monday, July 27th. DA Davidson boosted their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, S&T Bancorp has an average rating of “Moderate Buy” and a consensus price target of $51.60.
Get Our Latest Analysis on STBA
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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