S&T Bancorp (NASDAQ:STBA) Price Target Raised to $47.00

S&T Bancorp (NASDAQ:STBA) had its price target raised by Hovde Group from $44.00 to $47.00 in a research report report published on Monday, Marketbeat reports. The firm currently has a market perform rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on the company. Janney Montgomery Scott upgraded S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Monday, January 26th. Piper Sandler lowered their price objective on shares of S&T Bancorp from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. Zacks Research upgraded shares of S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of S&T Bancorp in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.40.

S&T Bancorp Price Performance

Shares of STBA opened at $44.06 on Monday. The company has a 50 day moving average of $41.83 and a two-hundred day moving average of $39.62. S&T Bancorp has a twelve month low of $30.84 and a twelve month high of $44.87. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 12.59 and a beta of 0.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.07.

S&T Bancorp (NASDAQ:STBA) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, hitting analysts’ consensus estimates of $0.89. The firm had revenue of $105.90 million during the quarter, compared to the consensus estimate of $103.46 million. S&T Bancorp had a return on equity of 9.25% and a net margin of 23.61%. As a group, analysts predict that S&T Bancorp will post 3.05 earnings per share for the current fiscal year.

S&T Bancorp announced that its board has approved a share repurchase plan on Thursday, January 22nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 6.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

S&T Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, February 12th. S&T Bancorp’s dividend payout ratio (DPR) is 41.14%.

Institutional Trading of S&T Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of 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 worth $67,815,000 after buying an additional 61,800 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of S&T Bancorp by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,624,436 shares of the financial services provider’s stock valued at $63,922,000 after acquiring an additional 20,411 shares in the last quarter. Geode Capital Management LLC raised its position in shares of S&T Bancorp by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 958,685 shares of the financial services provider’s stock valued at $37,729,000 after purchasing an additional 3,388 shares in the last quarter. American Century Companies Inc. boosted its stake in S&T Bancorp by 0.5% during the 2nd quarter. American Century Companies Inc. now owns 698,519 shares of the financial services provider’s stock valued at $26,418,000 after acquiring an additional 3,613 shares during the last quarter. Finally, Millennium Management LLC grew its stake in S&T Bancorp by 33.5% in the third quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock worth $17,260,000 after purchasing an additional 115,333 shares in the last quarter. 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.