10,951 Shares in S&T Bancorp, Inc. $STBA Acquired by Meeder Asset Management Inc.

Meeder Asset Management Inc. acquired a new stake in shares of S&T Bancorp, Inc. (NASDAQ:STBA) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 10,951 shares of the financial services provider’s stock, valued at approximately $537,000.

A number of other large investors 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 valued at $253,047,000. Dimensional Fund Advisors LP grew its stake in shares of S&T Bancorp by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,345,177 shares of the financial services provider’s stock worth $98,098,000 after acquiring an additional 6,583 shares during the period. State Street Corp grew its stake 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 acquiring an additional 61,800 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in S&T Bancorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,624,436 shares of the financial services provider’s stock worth $63,922,000 after acquiring an additional 20,411 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in 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 worth $37,729,000 after acquiring an additional 3,388 shares during the last quarter. 65.22% of the stock is owned by hedge funds and other institutional investors.

S&T Bancorp Stock Performance

NASDAQ:STBA opened at $50.75 on Wednesday. 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, Inc. has a 52-week low of $34.38 and a 52-week high of $53.50. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 13.50 and a beta of 0.84. The business’s fifty day moving average is $49.81 and its 200 day moving average is $45.58.

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, topping the consensus estimate of $0.92 by $0.10. The business had revenue of $105.24 million during the quarter, compared to the consensus estimate of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. Research analysts predict that S&T Bancorp, Inc. will post 3.93 EPS for the current year.

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

S&T Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, August 18th. S&T Bancorp’s dividend payout ratio is presently 39.36%.

Insider Activity at S&T Bancorp

In other news, Director William J. Hieb sold 11,979 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total value of $615,001.86. Following the completion of the transaction, the director directly owned 17,344 shares in the company, valued at approximately $890,440.96. This trade represents a 40.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a report on Friday, July 24th. DA Davidson boosted their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Piper Sandler upped their price target on shares of S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Hovde Group restated a “market perform” rating and set a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of 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 company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.60.

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.