Meeder Asset Management Inc. Takes Position in S&T Bancorp, Inc. $STBA

Meeder Asset Management Inc. acquired a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,951 shares of the financial services provider’s stock, valued at approximately $537,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of S&T Bancorp in the second quarter worth $253,047,000. Bank of New York Mellon Corp bought a new position in S&T Bancorp during the 2nd quarter worth $17,649,000. Millennium Management LLC raised its position in S&T Bancorp by 33.5% during the 3rd 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 during the last quarter. Jane Street Group LLC acquired a new position in S&T Bancorp during the 1st quarter worth about $4,211,000. Finally, Qube Research & Technologies Ltd lifted its holdings in S&T Bancorp by 58.0% during 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 period. Institutional investors and hedge funds own 65.22% of the company’s stock.

S&T Bancorp Price Performance

Shares of NASDAQ STBA opened at $50.75 on Wednesday. The firm has a market capitalization of $1.79 billion, a P/E ratio of 13.50 and a beta of 0.84. The firm’s 50-day moving average price is $49.81 and its 200-day moving average price is $45.58. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05. S&T Bancorp, Inc. has a 1-year low of $34.38 and a 1-year high of $53.50.

S&T Bancorp (NASDAQ:STBA) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.The business had revenue of $105.24 million during the quarter, compared to analyst estimates of $104.43 million. Equities research analysts anticipate that S&T Bancorp, Inc. will post 3.93 earnings per share for the current fiscal year.

S&T Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be issued 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 is Tuesday, August 18th. S&T Bancorp’s dividend payout ratio (DPR) is currently 39.36%.

S&T Bancorp announced that its board has approved a stock buyback plan on Thursday, July 23rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 5.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on STBA shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a research note on Friday, July 24th. Piper Sandler lifted their target price on shares of S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Hovde Group restated a “market perform” rating and issued a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. Zacks Research raised shares of S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods increased their price target on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.60.

Insider Activity

In other S&T Bancorp news, Director William J. 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 transaction of $615,001.86. Following the completion of the transaction, the director owned 17,344 shares in the company, valued at approximately $890,440.96. The trade was a 40.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.23% of the stock is owned by corporate insiders.

S&T Bancorp 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.