S&T Bancorp (NASDAQ:STBA) Issues Quarterly Earnings Results

S&T Bancorp (NASDAQ:STBA) issued its quarterly earnings results on Thursday. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.10, Zacks reports. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.

S&T Bancorp Stock Performance

S&T Bancorp stock traded up $1.82 during midday trading on Thursday, reaching $50.68. The stock had a trading volume of 50,222 shares, compared to its average volume of 251,498. The firm has a market capitalization of $1.79 billion, a PE ratio of 13.45 and a beta of 0.85. S&T Bancorp has a 12 month low of $35.02 and a 12 month high of $53.50. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average price is $49.58 and its 200 day moving average price is $47.90.

S&T Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were paid a $0.37 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $1.48 annualized dividend and a yield of 2.9%. S&T Bancorp’s dividend payout ratio is presently 39.36%.

S&T Bancorp announced that its Board of Directors has initiated a stock buyback plan on Thursday, July 23rd that permits the company to buy back $100.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 5.6% of its shares through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director William Hieb sold 11,979 shares of S&T Bancorp 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 transaction, the director directly owned 17,344 shares in the company, valued at approximately $890,440.96. The trade was a 40.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.23% of the company’s stock.

Analyst Ratings Changes

STBA has been the subject of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. Keefe, Bruyette & Woods upped their price objective on shares of S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Zacks Research lowered shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Wall Street Zen raised shares of S&T Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, October 11th. Finally, Piper Sandler lifted their price objective on shares of S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, S&T Bancorp has an average rating of “Hold” and an average target price of $51.60.

About S&T Bancorp

S&T Bancorp, Inc is the financial holding company for S&T Bank, a community bank headquartered in Indiana, Pennsylvania. Founded in 1902, S&T Bank serves consumers, businesses, and institutions through a network of banking offices and digital channels.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing, and business loans. It also offers treasury and cash-management services designed to support business customers.

S&T Bank serves communities primarily across western Pennsylvania and eastern Ohio.