S&T Bancorp (NASDAQ:STBA) Stock Picked Up by Analysts at Raymond James Financial

Research analysts at Raymond James Financial began coverage on shares of S&T Bancorp (NASDAQ:STBA) in a research report issued to clients and investors on Thursday. The brokerage set a “market perform” rating on the financial services provider’s stock.

STBA has been the subject of several other reports. Zacks Research downgraded S&T Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a research note on Friday, July 24th. Piper Sandler raised their price target 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. Hovde Group reiterated a “market perform” rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. Finally, DA Davidson lifted their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.60.

S&T Bancorp Stock Down 1.4%

STBA traded down $0.68 during trading on Thursday, hitting $47.69. 29,185 shares of the company’s stock traded hands, compared to its average volume of 254,405. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 12.69 and a beta of 0.84. The company’s 50 day simple moving average is $50.56 and its two-hundred day simple moving average is $47.08. S&T Bancorp has a 12-month low of $34.38 and a 12-month high of $53.50. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. The firm had revenue of $105.24 million during the quarter, compared to analysts’ expectations of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. Analysts predict that S&T Bancorp will post 3.95 earnings per share for the current fiscal year.

S&T Bancorp declared that its board has authorized a share repurchase plan on Thursday, July 23rd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 5.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at S&T Bancorp

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total transaction 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. The trade was a 40.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On S&T Bancorp

Several institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP increased its holdings in S&T Bancorp by 110.4% during the second quarter. Engineers Gate Manager LP now owns 24,987 shares of the financial services provider’s stock valued at $1,226,000 after buying an additional 13,110 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of S&T Bancorp during the 2nd quarter valued at $1,839,000. Corient Private Wealth LP increased its stake in shares of S&T Bancorp by 3.2% in the 2nd quarter. Corient Private Wealth LP now owns 50,070 shares of the financial services provider’s stock worth $2,457,000 after purchasing an additional 1,575 shares in the last quarter. Amundi raised its holdings in S&T Bancorp by 4.2% in the 2nd quarter. Amundi now owns 6,822 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 273 shares during the period. Finally, NI Acquisitions Company LLC bought a new position in S&T Bancorp in the 2nd quarter worth $714,000. Institutional investors own 65.22% of the company’s stock.

About S&T Bancorp

S&T Bancorp, Inc is the bank holding company for S&T Bank, a full-service community bank headquartered in Indiana, Pennsylvania. Founded in 1902, the company provides banking and financial services to individuals, businesses and institutions.

S&T Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury management and other financial services. Through related businesses and banking divisions, the company also provides wealth management, investment, trust and insurance services.

The company primarily serves communities throughout western Pennsylvania and eastern Ohio through a network of banking offices and digital banking channels.