S&T Bancorp (NASDAQ:STBA) Sets New 1-Year High Following Analyst Upgrade

S&T Bancorp, Inc. (NASDAQ:STBA) hit a new 52-week high during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $53.50 and last traded at $53.36, with a volume of 332475 shares. The stock had previously closed at $52.13.

Other equities research analysts have also recently issued reports about the stock. DA Davidson raised their target price on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods raised their price target on shares of S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a research report on Monday. Hovde Group restated a “market perform” rating and set a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a research note on Monday. Piper Sandler upped their price objective on S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.60.

Institutional Investors Weigh In On S&T Bancorp

A number of hedge funds have recently bought and sold shares of STBA. GAMMA Investing LLC grew its stake in shares of S&T Bancorp by 16.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,018 shares of the financial services provider’s stock worth $99,000 after buying an additional 285 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of S&T Bancorp by 4.8% in the 1st quarter. Empowered Funds LLC now owns 169,814 shares of the financial services provider’s stock worth $7,103,000 after buying an additional 7,819 shares during the last quarter. Amundi raised its position in shares of S&T Bancorp by 20.7% during the 1st quarter. Amundi now owns 6,549 shares of the financial services provider’s stock valued at $274,000 after buying an additional 1,124 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of S&T Bancorp by 5.0% in the 1st quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider’s stock valued at $238,000 after acquiring an additional 269 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of S&T Bancorp by 220.3% in the 1st quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider’s stock valued at $2,816,000 after acquiring an additional 46,308 shares during the last quarter. Hedge funds and other institutional investors own 65.22% of the company’s stock.

S&T Bancorp Trading Down 1.4%

The company has a 50-day moving average of $48.14 and a 200 day moving average of $44.61. 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 cap of $1.88 billion, a PE ratio of 13.89 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings data 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. The business 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 9.74% and a net margin of 24.51%. Analysts predict that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.

S&T Bancorp declared that its board has approved a stock repurchase program on Thursday, July 23rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.