S&T Bancorp (NASDAQ:STBA) Upgraded by DA Davidson to “Hold” Rating

DA Davidson upgraded shares of S&T Bancorp (NASDAQ:STBA) to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Other equities 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 price objective for the company in a research note on Monday, January 26th. Zacks Research raised S&T Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, February 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of S&T Bancorp in a research report on Monday, December 29th. Hovde Group increased their price objective on shares of S&T Bancorp from $44.00 to $47.00 and gave the company a “market perform” rating in a report on Monday. Finally, Piper Sandler cut their target price on shares of S&T Bancorp from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.40.

S&T Bancorp Stock Up 2.2%

NASDAQ:STBA opened at $44.06 on Tuesday. The company’s 50-day simple moving average is $41.83 and its 200-day simple moving average is $39.62. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.00 and a current ratio of 1.00. S&T Bancorp has a fifty-two week low of $30.84 and a fifty-two week high of $44.87. The stock has a market capitalization of $1.68 billion, a P/E ratio of 12.59 and a beta of 0.93.

S&T Bancorp (NASDAQ:STBA) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, meeting analysts’ consensus estimates of $0.89. The company 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, equities analysts anticipate that S&T Bancorp will post 3.05 earnings per share for the current fiscal year.

S&T Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, February 12th. S&T Bancorp’s dividend payout ratio (DPR) is 41.14%.

S&T Bancorp declared that its Board of Directors has authorized a stock buyback program on Thursday, January 22nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On S&T Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in shares of S&T Bancorp by 10.1% in the 1st quarter. Royal Bank of Canada now owns 13,147 shares of the financial services provider’s stock worth $487,000 after acquiring an additional 1,206 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of S&T Bancorp by 54.9% in the first quarter. AQR Capital Management LLC now owns 36,148 shares of the financial services provider’s stock valued at $1,339,000 after purchasing an additional 12,810 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in S&T Bancorp by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,756 shares of the financial services provider’s stock worth $843,000 after purchasing an additional 1,086 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in S&T Bancorp by 7.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,837 shares of the financial services provider’s stock worth $3,884,000 after purchasing an additional 7,286 shares during the period. Finally, Jane Street Group LLC acquired a new position in S&T Bancorp in the 1st quarter valued at about $4,211,000. Institutional investors and hedge funds own 65.22% 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.