S&T Bancorp (NASDAQ:STBA) Sets New 12-Month High After Better-Than-Expected Earnings

S&T Bancorp, Inc. (NASDAQ:STBA)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $51.25 and last traded at $50.7650, with a volume of 274194 shares. The stock had previously closed at $49.60.

The financial services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. The company had revenue of $105.24 million during the quarter, compared to analyst estimates of $104.43 million. S&T Bancorp had a return on equity of 9.35% and a net margin of 23.71%.

S&T Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.37 per share. This is a boost from S&T Bancorp’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. S&T Bancorp’s dividend payout ratio (DPR) is presently 41.46%.

S&T Bancorp News Roundup

Here are the key news stories impacting S&T Bancorp this week:

• Positive Sentiment: S&T Bancorp reported Q2 earnings of $1.02 per share, beating Wall Street estimates of $0.92, while revenue of $105.24 million also edged above expectations. The results suggest the bank is outperforming consensus and may be benefiting from stable operating trends. Article Title
• Positive Sentiment: The company said net income rose to $36.6 million in Q2 from $35.1 million in Q1 and $31.9 million a year earlier, reinforcing the view that profitability is improving year over year. Article Title
• Positive Sentiment: S&T Bancorp’s board authorized a new $100 million share repurchase program, a shareholder-friendly move that can support earnings per share and signal management confidence in the stock’s value. Article Title
• Neutral Sentiment: Additional coverage this morning focused on the company’s Q2 key metrics and earnings snapshot, but those reports mainly reiterated the stronger-than-expected results rather than introducing new negative developments. Article Title

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on STBA shares. Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a report on Monday, April 27th. Piper Sandler boosted their price target on S&T Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.60.

Institutional Trading of S&T Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of S&T Bancorp by 33.5% during the third quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock valued at $17,260,000 after purchasing an additional 115,333 shares in the last quarter. Jane Street Group LLC bought a new stake in S&T Bancorp in the 1st quarter worth about $4,211,000. Qube Research & Technologies Ltd raised its position in S&T Bancorp by 58.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 234,645 shares of the financial services provider’s stock worth $8,820,000 after buying an additional 86,125 shares during the last quarter. Global Retirement Partners LLC bought a new position in S&T Bancorp during the 4th quarter valued at about $3,052,000. Finally, State Street Corp lifted its stake in S&T Bancorp by 3.7% during the 4th quarter. State Street Corp now owns 1,723,385 shares of the financial services provider’s stock valued at $67,815,000 after acquiring an additional 61,800 shares during the period. 65.22% of the stock is currently owned by institutional investors.

S&T Bancorp Stock Up 2.7%

The company’s 50 day simple moving average is $47.19 and its 200-day simple moving average is $44.08. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.83 billion, a P/E ratio of 14.28 and a beta of 0.84.

S&T Bancorp Company 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.