S&T Bancorp (NASDAQ:STBA) Price Target Raised to $53.00

S&T Bancorp (NASDAQ:STBA) had its target price boosted by DA Davidson from $47.00 to $53.00 in a report released on Friday morning,Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock.

STBA has been the topic of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday. Piper Sandler lifted their price target on shares of S&T Bancorp from $45.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. 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, S&T Bancorp currently has an average rating of “Hold” and a consensus target price of $47.80.

S&T Bancorp Stock Performance

Shares of S&T Bancorp stock opened at $51.79 on Friday. The firm has a 50-day moving average of $47.50 and a 200-day moving average of $44.25. The stock has a market cap of $1.86 billion, a PE ratio of 13.77 and a beta of 0.84. S&T Bancorp has a 52-week low of $34.01 and a 52-week high of $52.12. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.99 and a current ratio of 0.99.

S&T Bancorp (NASDAQ:STBA) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. The business had revenue of $105.24 million for the quarter, compared to the consensus estimate of $104.43 million. As a group, sell-side analysts forecast that S&T Bancorp will post 3.8 EPS for the current year.

S&T Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 14th were given a dividend of $0.37 per share. This is a positive change from S&T Bancorp’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, May 14th. S&T Bancorp’s dividend payout ratio (DPR) is currently 39.36%.

S&T Bancorp announced that its board has authorized a stock buyback 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 buy up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On S&T Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in shares of S&T Bancorp by 10.1% during the 1st quarter. Royal Bank of Canada now owns 13,147 shares of the financial services provider’s stock worth $487,000 after acquiring an additional 1,206 shares during the period. AQR Capital Management LLC raised its position in S&T Bancorp by 54.9% during the first quarter. AQR Capital Management LLC now owns 36,148 shares of the financial services provider’s stock valued at $1,339,000 after purchasing an additional 12,810 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in S&T Bancorp by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,756 shares of the financial services provider’s stock valued at $843,000 after purchasing an additional 1,086 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in S&T Bancorp by 7.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,837 shares of the financial services provider’s stock worth $3,884,000 after purchasing an additional 7,286 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in S&T Bancorp during the first quarter worth $4,211,000. 65.22% of the stock is currently owned by institutional investors and hedge funds.

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.