S&T Bancorp (NASDAQ:STBA) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of S&T Bancorp (NASDAQ:STBA) from a hold rating to a sell rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently commented on STBA. Keefe, Bruyette & Woods raised their target price on shares of S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Hovde Group reaffirmed a “market perform” rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Zacks Research downgraded shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Raymond James Financial began coverage on shares of S&T Bancorp in a report on Thursday. They set a “market perform” rating on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, S&T Bancorp has an average rating of “Hold” and an average target price of $51.60.

S&T Bancorp Trading Up 1.3%

STBA opened at $49.64 on Friday. The stock’s fifty day moving average is $50.48 and its two-hundred day moving average is $47.16. The company has a market capitalization of $1.75 billion, a P/E ratio of 13.20 and a beta of 0.85. S&T Bancorp has a 52 week low of $34.38 and a 52 week high of $53.50. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05.

S&T Bancorp (NASDAQ:STBA) last issued its 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. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.The business had revenue of $105.24 million during the quarter, compared to analysts’ expectations of $104.43 million. Analysts forecast that S&T Bancorp will post 3.95 earnings per share for the current year.

S&T Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were issued a $0.37 dividend. 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 currently 39.36%.

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

Insider Buying and Selling at S&T Bancorp

In other news, Director William Hieb sold 11,979 shares of S&T Bancorp stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total value of $615,001.86. Following the transaction, the director owned 17,344 shares of the company’s stock, valued at $890,440.96. The trade was a 40.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.23% of the company’s stock.

Institutional Investors Weigh In On S&T Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of S&T Bancorp during the second quarter worth about $253,047,000. Bank of America Corp DE acquired a new position in S&T Bancorp in the 2nd quarter worth approximately $29,117,000. Bank of New York Mellon Corp purchased a new position in S&T Bancorp during the 2nd quarter worth approximately $17,649,000. Empowered Funds LLC purchased a new position in S&T Bancorp during the 2nd quarter worth approximately $8,531,000. Finally, Legal & General Group Plc purchased a new position in S&T Bancorp during the 2nd quarter worth approximately $4,221,000. Hedge funds and other institutional investors 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. Its principal subsidiary, S&T Bank, provides banking and financial services to consumers, businesses and institutions.

S&T Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury and cash-management services, online and mobile banking, and mortgage services. Through its wealth-management and trust operations, the bank also provides investment management, financial planning, fiduciary and estate-related services.

Founded in 1902, S&T Bancorp serves customers through a network of offices and digital banking channels in western and central Pennsylvania and eastern Ohio.