20,300 Shares in S&T Bancorp, Inc. $STBA Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board purchased a new position in S&T Bancorp, Inc. (NASDAQ:STBA) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 20,300 shares of the financial services provider’s stock, valued at approximately $996,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Legal & General Group Plc acquired a new position in shares of S&T Bancorp during the second quarter valued at about $4,221,000. The Manufacturers Life Insurance Company acquired a new stake in shares of S&T Bancorp in the 2nd quarter valued at about $735,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of S&T Bancorp in the 2nd quarter valued at about $74,000. De Lisle Partners LLP bought a new stake in S&T Bancorp in the 2nd quarter valued at about $216,000. Finally, Ieq Capital LLC bought a new stake in S&T Bancorp in the 2nd quarter valued at about $229,000. 65.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

STBA has been the topic of a number of research reports. Piper Sandler upped their price target on S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a research note on Friday, July 24th. Hovde Group restated a “market perform” rating and set a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their target price 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. Finally, Zacks Research raised S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, S&T Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $51.60.

S&T Bancorp Stock Down 0.6%

Shares of NASDAQ STBA opened at $49.48 on Tuesday. The stock has a market capitalization of $1.74 billion, a P/E ratio of 13.16 and a beta of 0.84. The company has a 50-day moving average price of $50.32 and a 200-day moving average price of $45.98. S&T Bancorp, Inc. has a 1 year low of $34.38 and a 1 year 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.

S&T Bancorp (NASDAQ:STBA) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. The company had revenue of $105.24 million during the quarter, compared to the consensus estimate of $104.43 million. On average, equities research analysts forecast that S&T Bancorp, Inc. will post 3.93 EPS for the current fiscal year.

S&T Bancorp Dividend Announcement

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

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

Insider Buying and Selling

In other S&T Bancorp news, Director William J. 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 transaction of $615,001.86. Following the completion of the sale, the director directly owned 17,344 shares of the company’s stock, valued at approximately $890,440.96. The trade was a 40.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.23% of the company’s stock.

S&T Bancorp Company 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.