S&T Bancorp, Inc. $STBA Shares Newly Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of S&T Bancorp, Inc. (NASDAQ:STBA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,800 shares of the financial services provider’s stock, valued at approximately $522,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new stake in shares of S&T Bancorp during the second quarter valued at about $29,000. Fortitude Family Office LLC bought a new stake in S&T Bancorp during the 3rd quarter worth approximately $31,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in S&T Bancorp during the 2nd quarter worth approximately $37,000. Strs Ohio bought a new stake in S&T Bancorp during the 1st quarter worth approximately $54,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in S&T Bancorp in the 2nd quarter worth approximately $74,000. Institutional investors own 65.22% of the company’s stock.

Analysts Set New Price Targets

STBA has been the subject of several analyst reports. Wall Street Zen raised shares of S&T Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, October 11th. Piper Sandler upped their price target on shares of S&T Bancorp from $53.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, October 26th. Keefe, Bruyette & Woods increased 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 reissued a “market perform” rating and set a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. Finally, Raymond James Financial began coverage on S&T Bancorp in a research note on Thursday, October 1st. They set a “market perform” rating for the company. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $52.20.

Insiders Place Their Bets

In related news, Director William Hieb sold 11,979 shares of the business’s stock in a transaction that occurred 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 owned 17,344 shares in the company, valued at $890,440.96. The trade was a 40.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.23% of the stock is owned by insiders.

S&T Bancorp Price Performance

NASDAQ:STBA traded down $0.11 during midday trading on Friday, hitting $50.78. The company had a trading volume of 231,206 shares, compared to its average volume of 209,132. S&T Bancorp, Inc. has a 52-week low of $36.94 and a 52-week high of $53.58. The stock’s fifty day moving average price is $49.71 and its 200-day moving average price is $46.66. The company has a market capitalization of $1.79 billion, a PE ratio of 12.89 and a beta of 0.86. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.04.

S&T Bancorp (NASDAQ:STBA) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. S&T Bancorp had a return on equity of 10.11% and a net margin of 25.10%. The business had revenue of $107.79 million for the quarter, compared to the consensus estimate of $106.72 million. As a group, research analysts expect that S&T Bancorp, Inc. will post 4.06 earnings per share for the current year.

S&T Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Thursday, November 12th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, November 12th. S&T Bancorp’s dividend payout ratio (DPR) is currently 37.56%.

S&T Bancorp declared that its board has approved a stock repurchase program on Thursday, July 23rd that allows the company to buy back $100 million in shares. This buyback authorization allows the financial services provider to repurchase up to 5.6% of its shares through open market purchases. Share buyback programs are generally an indication that the company’s board believes its shares are undervalued.

S&T Bancorp Profile

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.