S&T Bancorp, Inc. (NASDAQ:STBA) Stake Reduced by Credit Suisse AG
Credit Suisse AG decreased its stake in S&T Bancorp, Inc. (NASDAQ:STBA) by 14.0% during the first quarter, Holdings Channel reports. The firm owned 49,703 shares of the financial services provider’s stock after selling 8,088 shares during the period. Credit Suisse AG’s holdings in S&T Bancorp were worth $1,720,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in STBA. Ameritas Investment Partners Inc. acquired a new position in S&T Bancorp during the first quarter valued at $100,000. State of Alaska Department of Revenue increased its position in S&T Bancorp by 1.9% in the first quarter. State of Alaska Department of Revenue now owns 3,850 shares of the financial services provider’s stock valued at $133,000 after buying an additional 70 shares during the period. Victory Capital Management Inc. increased its position in S&T Bancorp by 5.1% in the first quarter. Victory Capital Management Inc. now owns 4,014 shares of the financial services provider’s stock valued at $139,000 after buying an additional 196 shares during the period. OppenheimerFunds Inc. acquired a new position in S&T Bancorp during the first quarter valued at $227,000. Finally, BNP Paribas Arbitrage SA increased its position in S&T Bancorp by 1.5% in the first quarter. BNP Paribas Arbitrage SA now owns 7,422 shares of the financial services provider’s stock valued at $257,000 after buying an additional 112 shares during the period. Hedge funds and other institutional investors own 53.97% of the company’s stock.
S&T Bancorp, Inc. (NASDAQ:STBA) traded down 1.01% during trading on Friday, reaching $35.37. The company had a trading volume of 70,700 shares. S&T Bancorp, Inc. has a 12 month low of $25.85 and a 12 month high of $39.84. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 15.55 and a beta of 0.84. The stock has a 50 day moving average price of $36.67 and a 200 day moving average price of $35.73.
S&T Bancorp (NASDAQ:STBA) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. The firm had revenue of $72.84 million during the quarter, compared to analysts’ expectations of $71.98 million. S&T Bancorp had a return on equity of 9.30% and a net margin of 26.52%. During the same quarter last year, the firm earned $0.49 earnings per share. On average, equities research analysts predict that S&T Bancorp, Inc. will post $2.30 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Thursday, August 3rd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 1st. This represents a $0.80 dividend on an annualized basis and a yield of 2.26%. S&T Bancorp’s payout ratio is 35.24%.
Several equities analysts recently weighed in on STBA shares. Zacks Investment Research upgraded S&T Bancorp from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Tuesday, July 25th. BidaskClub upgraded S&T Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $38.50 target price on shares of S&T Bancorp in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $37.83.
In related news, Director Frank W. Jones sold 1,075 shares of S&T Bancorp stock in a transaction on Monday, July 24th. The stock was sold at an average price of $37.67, for a total transaction of $40,495.25. Following the completion of the sale, the director now owns 25,065 shares of the company’s stock, valued at $944,198.55. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.31% of the stock is currently owned by company insiders.
S&T Bancorp Company Profile
S&T Bancorp, Inc (S&T) is a bank holding company. The Company operates through three segments: Community Banking, Wealth Management and Insurance. The Community Banking segment offers services, which include accepting time and demand deposits, and originating commercial and consumer loans. The Wealth Management segment offers brokerage services, serves as executor and trustee under wills and deeds and as guardian and custodian of employee benefits and provides other trust services.
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