S&T Bancorp (NASDAQ:STBA) Price Target Raised to $47.00

S&T Bancorp (NASDAQ:STBA) had its price target upped by stock analysts at Hovde Group from $44.00 to $47.00 in a research report issued on Monday. The firm currently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s price objective would indicate a potential upside of 5.19% from the company’s previous close.

STBA has been the topic of several other reports. Zacks Research upgraded S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of S&T Bancorp in a research report on Monday, December 29th. Piper Sandler reduced their price objective on S&T Bancorp from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Finally, Janney Montgomery Scott raised S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, S&T Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $43.75.

S&T Bancorp Stock Performance

Shares of S&T Bancorp stock opened at $44.68 on Monday. S&T Bancorp has a 12 month low of $30.84 and a 12 month high of $44.85. The firm has a market capitalization of $1.71 billion, a P/E ratio of 12.77 and a beta of 0.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $41.78 and a two-hundred day simple moving average of $39.49.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, hitting the consensus estimate of $0.89. S&T Bancorp had a return on equity of 9.25% and a net margin of 23.61%.The company had revenue of $105.90 million for the quarter, compared to the consensus estimate of $103.46 million. On average, equities analysts forecast that S&T Bancorp will post 3.05 earnings per share for the current fiscal year.

S&T Bancorp announced that its Board of Directors has initiated a share repurchase plan on Thursday, January 22nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 6.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of S&T Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its stake in S&T Bancorp by 10.1% during the 1st quarter. Royal Bank of Canada now owns 13,147 shares of the financial services provider’s stock valued at $487,000 after purchasing an additional 1,206 shares during the period. AQR Capital Management LLC grew its holdings in S&T Bancorp by 54.9% during the 1st quarter. AQR Capital Management LLC now owns 36,148 shares of the financial services provider’s stock valued at $1,339,000 after buying an additional 12,810 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 valued at $843,000 after acquiring an additional 1,086 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 valued at $3,884,000 after acquiring an additional 7,286 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in S&T Bancorp in the 1st quarter valued at $4,211,000. Hedge funds and other institutional investors own 65.22% of the company’s stock.

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.