S&T Bancorp (NASDAQ:STBA) Reaches New 1-Year High – Here’s What Happened

S&T Bancorp, Inc. (NASDAQ:STBA) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $45.31 and last traded at $44.9090, with a volume of 4203 shares trading hands. The stock had previously closed at $44.98.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Zacks Research downgraded shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, March 6th. Janney Montgomery Scott raised shares of S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Monday, January 26th. DA Davidson assumed coverage on shares of S&T Bancorp in a report on Wednesday, February 25th. They set a “neutral” rating and a $47.00 price target on the stock. Hovde Group raised their price target on shares of S&T Bancorp from $44.00 to $47.00 and gave the company a “market perform” rating in a report on Monday, February 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, S&T Bancorp currently has a consensus rating of “Hold” and an average target price of $44.40.

S&T Bancorp Stock Performance

The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.62 billion, a PE ratio of 12.62 and a beta of 0.85. The business’s fifty day moving average is $42.87 and its 200-day moving average is $41.68.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07. The company had revenue of $102.08 million for the quarter, compared to the consensus estimate of $103.62 million. S&T Bancorp had a net margin of 23.71% and a return on equity of 9.35%. As a group, research analysts predict that S&T Bancorp, Inc. will post 3.75 EPS for the current fiscal year.

S&T Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Thursday, May 14th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This is a positive change from S&T Bancorp’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. S&T Bancorp’s payout ratio is 41.46%.

S&T Bancorp declared that its board has initiated a share repurchase program on Thursday, January 22nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On S&T Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Amundi boosted its holdings in shares of S&T Bancorp by 20.7% in the first quarter. Amundi now owns 6,549 shares of the financial services provider’s stock worth $274,000 after buying an additional 1,124 shares during the last quarter. Royal Bank of Canada raised its stake in S&T Bancorp by 5.0% during the 1st quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider’s stock worth $238,000 after acquiring an additional 269 shares during the period. Empowered Funds LLC raised its stake in S&T Bancorp by 4.8% during the 1st quarter. Empowered Funds LLC now owns 169,814 shares of the financial services provider’s stock worth $7,103,000 after acquiring an additional 7,819 shares during the period. Quantinno Capital Management LP raised its stake in S&T Bancorp by 220.3% during the 1st quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider’s stock worth $2,816,000 after acquiring an additional 46,308 shares during the period. Finally, Lazard Asset Management LLC raised its stake in S&T Bancorp by 6.4% during the 1st quarter. Lazard Asset Management LLC now owns 15,626 shares of the financial services provider’s stock worth $654,000 after acquiring an additional 937 shares during the period. Hedge funds and other institutional investors own 65.22% of the company’s stock.

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.