S&T Bancorp (NASDAQ:STBA) Announces Quarterly Earnings Results

S&T Bancorp (NASDAQ:STBA) announced its quarterly earnings results on Thursday. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.10, Zacks reports. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%.

S&T Bancorp Price Performance

STBA stock traded up $1.82 during midday trading on Thursday, reaching $50.68. The company had a trading volume of 50,222 shares, compared to its average volume of 251,498. S&T Bancorp has a 1-year low of $35.02 and a 1-year high of $53.50. The stock has a 50 day moving average price of $49.58 and a 200-day moving average price of $47.90. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 13.45 and a beta of 0.85.

S&T Bancorp Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have recently weighed in on STBA. Hovde Group reaffirmed a “market perform” rating and set a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective on shares of S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Raymond James Financial assumed coverage on shares of S&T Bancorp in a report on Thursday, October 1st. They set a “market perform” rating for the company. Wall Street Zen raised shares of S&T Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, October 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.60.

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

Insider Activity

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of S&T Bancorp stock in a transaction dated Wednesday, August 12th. The stock was 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 in the company, valued at $890,440.96. The trade was a 40.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.23% of the company’s stock.

About S&T Bancorp

S&T Bancorp, Inc is the financial holding company for S&T Bank, a community bank headquartered in Indiana, Pennsylvania. Founded in 1902, S&T Bank serves consumers, businesses, and institutions through a network of banking offices and digital channels.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing, and business loans. It also offers treasury and cash-management services designed to support business customers.

S&T Bank serves communities primarily across western Pennsylvania and eastern Ohio.