S&T Bancorp (NASDAQ:STBA) Raised to Strong-Buy at Zacks Research

S&T Bancorp (NASDAQ:STBA) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of S&T Bancorp in a report on Monday, December 29th. Janney Montgomery Scott raised S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Monday, January 26th. Keefe, Bruyette & Woods boosted their price target on S&T Bancorp from $41.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, October 24th. Finally, Piper Sandler dropped their price objective on S&T Bancorp from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.25.

S&T Bancorp Stock Performance

STBA opened at $43.49 on Monday. The firm has a market cap of $1.66 billion, a P/E ratio of 12.43 and a beta of 0.93. S&T Bancorp has a 52-week low of $30.84 and a 52-week high of $44.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.00 and a current ratio of 1.00. The business’s fifty day moving average is $40.86 and its 200-day moving average is $38.88.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, meeting analysts’ consensus estimates of $0.89. S&T Bancorp had a return on equity of 9.25% and a net margin of 23.61%.The business had revenue of $105.29 million during the quarter, compared to the consensus estimate of $103.46 million. Sell-side analysts expect that S&T Bancorp will post 3.05 EPS for the current fiscal year.

S&T Bancorp announced that its Board of Directors has authorized a share repurchase program on Thursday, January 22nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of S&T Bancorp

A number of hedge funds have recently made changes to their positions in STBA. Geode Capital Management LLC boosted its stake in shares of S&T Bancorp by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 955,356 shares of the financial services provider’s stock valued at $36,134,000 after purchasing an additional 9,452 shares during the last quarter. American Century Companies Inc. boosted its position in S&T Bancorp by 0.5% during the second quarter. American Century Companies Inc. now owns 698,519 shares of the financial services provider’s stock valued at $26,418,000 after acquiring an additional 3,613 shares during the last quarter. Millennium Management LLC grew its holdings in S&T Bancorp by 33.5% during the 3rd quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock worth $17,260,000 after acquiring an additional 115,333 shares during the period. S&T Bank PA grew its holdings in S&T Bancorp by 2.3% during the 2nd quarter. S&T Bank PA now owns 324,603 shares of the financial services provider’s stock worth $12,276,000 after acquiring an additional 7,230 shares during the period. Finally, Bridgeway Capital Management LLC raised its position in shares of S&T Bancorp by 2.5% in the 3rd quarter. Bridgeway Capital Management LLC now owns 299,373 shares of the financial services provider’s stock worth $11,253,000 after acquiring an additional 7,342 shares in the last quarter. 65.22% of the stock is owned by institutional investors and hedge funds.

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.