DA Davidson Initiates Coverage on S&T Bancorp (NASDAQ:STBA)

Research analysts at DA Davidson assumed coverage on shares of S&T Bancorp (NASDAQ:STBA) in a research note issued 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 suggests a potential upside of 8.97% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. Hovde Group increased their target price on shares of S&T Bancorp from $44.00 to $47.00 and gave the stock a “market perform” rating in a report on Monday. Janney Montgomery Scott upgraded shares of S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Monday, January 26th. Zacks Research raised shares of S&T Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, February 2nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of S&T Bancorp in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.40.

S&T Bancorp Trading Up 0.3%

STBA opened at $43.13 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.07. The stock’s fifty day moving average is $41.80 and its two-hundred day moving average is $39.59. The company has a market capitalization of $1.65 billion, a P/E ratio of 12.32 and a beta of 0.93. S&T Bancorp has a 52 week low of $30.84 and a 52 week high of $44.87.

S&T Bancorp (NASDAQ:STBA) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, hitting 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 return on equity of 9.25% and a net margin of 23.61%. Analysts forecast that S&T Bancorp will post 3.05 earnings per share for the current year.

S&T Bancorp announced that its Board of Directors has authorized a share buyback program on Thursday, January 22nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Trading of S&T Bancorp

A number of institutional investors have recently bought and sold shares of STBA. Millennium Management LLC increased its stake in S&T Bancorp by 33.5% during the 3rd quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock valued at $17,260,000 after purchasing an additional 115,333 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of S&T Bancorp during the first quarter valued at $4,211,000. Qube Research & Technologies Ltd grew its holdings in shares of S&T Bancorp by 58.0% during the third quarter. Qube Research & Technologies Ltd now owns 234,645 shares of the financial services provider’s stock valued at $8,820,000 after buying an additional 86,125 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of S&T Bancorp in the 2nd quarter valued at $3,193,000. Finally, Global Retirement Partners LLC acquired a new position in shares of S&T Bancorp in the 4th quarter valued at $3,052,000. 65.22% of the stock is currently owned by institutional investors and hedge funds.

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.