Legal & General Group Plc Buys New Shares in S&T Bancorp, Inc. $STBA

Legal & General Group Plc acquired a new stake in S&T Bancorp, Inc. (NASDAQ:STBA) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 86,001 shares of the financial services provider’s stock, valued at approximately $4,221,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of S&T Bancorp in the second quarter worth $253,047,000. Dimensional Fund Advisors LP boosted its holdings in shares of S&T Bancorp by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,345,177 shares of the financial services provider’s stock worth $98,098,000 after purchasing an additional 6,583 shares during the period. State Street Corp grew its stake in shares of S&T Bancorp by 3.7% in the fourth quarter. State Street Corp now owns 1,723,385 shares of the financial services provider’s stock worth $67,815,000 after purchasing an additional 61,800 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of S&T Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,624,436 shares of the financial services provider’s stock worth $63,922,000 after purchasing an additional 20,411 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of S&T Bancorp by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 958,685 shares of the financial services provider’s stock valued at $37,729,000 after acquiring an additional 3,388 shares in the last quarter. Hedge funds and other institutional investors own 65.22% of the company’s stock.

Insiders Place Their Bets

In other news, Director William Hieb sold 11,979 shares of the stock in a transaction 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 transaction, the director directly owned 17,344 shares of the company’s stock, valued at $890,440.96. This represents a 40.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.23% of the company’s stock.

S&T Bancorp Stock Up 1.1%

S&T Bancorp stock opened at $50.64 on Friday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 13.47 and a beta of 0.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05. S&T Bancorp, Inc. has a 12 month low of $34.38 and a 12 month high of $53.50. The stock has a fifty day simple moving average of $50.41 and a two-hundred day simple moving average of $46.14.

S&T Bancorp (NASDAQ:STBA) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating 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 business had revenue of $105.24 million for the quarter, compared to analysts’ expectations of $104.43 million. Equities analysts predict that S&T Bancorp, Inc. will post 3.93 EPS for the current fiscal year.

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

S&T Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 18th. S&T Bancorp’s payout ratio is 39.36%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on STBA. Keefe, Bruyette & Woods increased their price target on shares of S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Zacks Research upgraded S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Piper Sandler lifted their price target on S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Hovde Group reissued a “market perform” rating and set a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. One 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.60.

S&T Bancorp 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.