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

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

Wall Street Analyst Weigh In

STBA has been the topic of a number of recent analyst reports. Zacks Research cut shares of S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 6th. DA Davidson initiated coverage on shares of S&T Bancorp in a research note on Wednesday, February 25th. They set a “neutral” rating and a $47.00 target price on the stock. Janney Montgomery Scott upgraded shares of S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Monday, January 26th. Wall Street Zen upgraded shares of S&T Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, March 22nd. Finally, Hovde Group raised their target price on shares of S&T Bancorp from $44.00 to $47.00 and gave the stock a “market perform” rating in a research note on Monday, February 23rd. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $44.40.

S&T Bancorp Stock Performance

The stock has a market cap of $1.62 billion, a P/E ratio of 12.62 and a beta of 0.85. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.00 and a quick ratio of 1.00. The firm’s 50-day moving average price is $42.87 and its 200-day moving average price is $41.68.

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

S&T Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th will be given a dividend of $0.37 per share. The ex-dividend date is Thursday, May 14th. This is an increase from S&T Bancorp’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. S&T Bancorp’s dividend payout ratio (DPR) is 41.46%.

S&T Bancorp announced that its board has initiated a stock 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 stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On S&T Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of S&T Bancorp by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,345,177 shares of the financial services provider’s stock valued at $98,098,000 after buying an additional 6,583 shares during the last quarter. State Street Corp raised its position in shares of S&T Bancorp by 3.7% during the fourth quarter. State Street Corp now owns 1,723,385 shares of the financial services provider’s stock valued at $67,815,000 after buying an additional 61,800 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in S&T Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,624,436 shares of the financial services provider’s stock worth $63,922,000 after purchasing an additional 20,411 shares during the last quarter. Geode Capital Management LLC increased its position in S&T Bancorp by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 958,685 shares of the financial services provider’s stock worth $37,729,000 after purchasing an additional 3,388 shares during the last quarter. Finally, Millennium Management LLC increased its position 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 during the last quarter. 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.