Corient Private Wealth LP Makes New $2.38 Million Investment in S&T Bancorp, Inc. $STBA

Corient Private Wealth LP bought a new position in S&T Bancorp, Inc. (NASDAQ:STBA) in the second quarter, Holdings Channel.com reports. The firm bought 48,507 shares of the financial services provider’s stock, valued at approximately $2,381,000.

A number of other hedge funds also recently made changes to their positions in STBA. Bank of America Corp DE acquired a new position in S&T Bancorp during the 2nd quarter worth approximately $29,117,000. Odyssean LLC bought a new position in S&T Bancorp in the 2nd quarter valued at approximately $378,000. Man Group plc acquired a new stake in S&T Bancorp in the second quarter valued at approximately $269,000. Jupiter Topco LLC acquired a new stake in S&T Bancorp in the second quarter valued at approximately $840,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of S&T Bancorp during the second quarter worth $996,000. 65.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on STBA. Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a 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. Keefe, Bruyette & Woods boosted their price objective on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Hovde Group reaffirmed a “market perform” rating and issued a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. Finally, Piper Sandler increased their target price on S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. One 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.60.

S&T Bancorp Trading Up 1.4%

STBA opened at $49.88 on Thursday. S&T Bancorp, Inc. has a fifty-two week low of $34.38 and a fifty-two week high of $53.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 13.27 and a beta of 0.84. The company’s 50 day moving average price is $50.36 and its two-hundred day moving average price is $46.07.

S&T Bancorp (NASDAQ:STBA) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. The firm had revenue of $105.24 million during the quarter, compared to the consensus estimate of $104.43 million. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. As a group, research analysts predict that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.

S&T Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, August 18th. S&T Bancorp’s dividend payout ratio is presently 39.36%.

S&T Bancorp announced that its Board of Directors has authorized a stock repurchase plan 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 plans are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director William J. Hieb sold 11,979 shares of the stock in a transaction 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 directly owned 17,344 shares in the company, valued at $890,440.96. This represents a 40.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.23% of the stock is owned by insiders.

S&T Bancorp Profile

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.