BlackRock Inc. Purchases Shares of 5,155,798 S&T Bancorp, Inc. $STBA

BlackRock Inc. acquired a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 5,155,798 shares of the financial services provider’s stock, valued at approximately $253,047,000. BlackRock Inc. owned approximately 0.14% of S&T Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Costello Asset Management INC acquired a new stake in shares of S&T Bancorp in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its stake in S&T Bancorp by 5,223.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 888 shares during the last quarter. Torren Management LLC bought a new stake in S&T Bancorp during the 4th quarter worth approximately $37,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in S&T Bancorp during the 2nd quarter worth approximately $37,000. Finally, Smithfield Trust Co purchased a new stake in shares of S&T Bancorp in the fourth quarter worth approximately $40,000. 65.22% of the stock is owned by institutional investors.

Insider Buying and Selling at S&T Bancorp

In related news, Director William J. Hieb sold 11,979 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total transaction of $615,001.86. Following the completion of the transaction, the director owned 17,344 shares in the company, valued at approximately $890,440.96. This represents a 40.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on STBA. Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. Keefe, Bruyette & Woods upped their price target on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. DA Davidson raised their price objective on S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Piper Sandler lifted their price objective on shares of S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Zacks Research upgraded shares of S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.60.

S&T Bancorp Stock Performance

STBA stock opened at $49.86 on Thursday. The firm has a market cap of $1.76 billion, a PE ratio of 13.26 and a beta of 0.85. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $50.16 and a 200-day moving average of $45.87. S&T Bancorp, Inc. has a 12-month low of $34.38 and a 12-month high of $53.50.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $104.43 million. As a group, sell-side analysts expect that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.

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

S&T Bancorp Announces Dividend

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

About S&T Bancorp

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.