S&T Bancorp (NASDAQ:STBA) Now Covered by DA Davidson

Analysts at DA Davidson assumed coverage on shares of S&T Bancorp (NASDAQ:STBA) in a report released on Wednesday. The brokerage set a “neutral” rating and a $47.00 price target on the financial services provider’s stock. DA Davidson’s price target would suggest a potential upside of 8.97% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Janney Montgomery Scott upgraded shares of 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. 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 reissued a “buy (b-)” rating on shares of S&T Bancorp in a report on Monday, December 29th. Finally, Hovde Group boosted their price target on S&T Bancorp from $44.00 to $47.00 and gave the company a “market perform” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.40.

S&T Bancorp Price Performance

Shares of NASDAQ:STBA opened at $43.13 on Wednesday. S&T Bancorp has a twelve month low of $30.84 and a twelve month high of $44.87. 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 company has a market cap of $1.65 billion, a PE ratio of 12.32 and a beta of 0.93. The company’s 50 day moving average is $41.80 and its 200 day moving average is $39.59.

S&T Bancorp (NASDAQ:STBA) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, meeting the consensus estimate of $0.89. The business had revenue of $105.90 million during the quarter, compared to analysts’ expectations of $103.46 million. S&T Bancorp had a net margin of 23.61% and a return on equity of 9.25%. On average, sell-side analysts forecast that S&T Bancorp will post 3.05 EPS for the current year.

S&T Bancorp announced that its board has initiated a share repurchase plan on Thursday, January 22nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On S&T Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Costello Asset Management INC purchased a new stake in shares of S&T Bancorp during the fourth quarter worth about $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of S&T Bancorp by 5,223.5% in the second quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock worth $34,000 after buying an additional 888 shares in the last quarter. Torren Management LLC acquired a new position in S&T Bancorp during the fourth quarter worth about $37,000. Smithfield Trust Co acquired a new position in shares of S&T Bancorp during the 4th quarter worth approximately $40,000. Finally, Versant Capital Management Inc increased its holdings in shares of S&T Bancorp by 41.6% in the third quarter. Versant Capital Management Inc now owns 1,308 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 384 shares during the last quarter. 65.22% of the stock is owned by hedge funds and other institutional investors.

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.