Piper Sandler Issues Positive Forecast for S&T Bancorp (NASDAQ:STBA) Stock Price

S&T Bancorp (NASDAQ:STBA) had its price objective raised by stock analysts at Piper Sandler from $53.00 to $56.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler‘s price objective would suggest a potential upside of 9.36% from the stock’s current price.

STBA has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their target price on S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a report on Thursday. Raymond James Financial assumed coverage on S&T Bancorp in a report on Thursday, October 1st. They set a “market perform” rating for the company. DA Davidson upped their price objective on S&T Bancorp from $47.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Zacks Research lowered S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $52.20.

S&T Bancorp Price Performance

Shares of S&T Bancorp stock traded up $0.47 on Monday, reaching $51.20. 6,718 shares of the stock were exchanged, compared to its average volume of 253,122. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $1.81 billion, a PE ratio of 12.99 and a beta of 0.85. The firm’s 50 day moving average is $49.55 and its 200-day moving average is $48.01. S&T Bancorp has a one year low of $35.68 and a one year high of $53.50.

S&T Bancorp (NASDAQ:STBA) last announced its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. S&T Bancorp had a net margin of 25.10% and a return on equity of 10.11%. The business had revenue of $107.79 million for the quarter, compared to analysts’ expectations of $106.72 million. As a group, analysts anticipate that S&T Bancorp will post 4.01 EPS for the current fiscal year.

S&T Bancorp declared that its board has initiated a stock buyback plan 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 shares through open market purchases. Share repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at S&T Bancorp

In related news, Director William Hieb sold 11,979 shares of S&T Bancorp stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total transaction of $615,001.86. Following the sale, the director directly owned 17,344 shares in the company, valued at $890,440.96. This trade represents a 40.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On S&T Bancorp

A number of hedge funds have recently modified their holdings of STBA. Quantinno Capital Management LP lifted its stake in shares of S&T Bancorp by 220.3% in the first quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider’s stock worth $2,816,000 after acquiring an additional 46,308 shares during the period. Deutsche Bank AG bought a new stake in S&T Bancorp in the second quarter valued at approximately $1,990,000. Bank of America Corp DE bought a new stake in S&T Bancorp in the second quarter valued at approximately $29,117,000. Empowered Funds LLC acquired a new stake in S&T Bancorp during the 2nd quarter valued at approximately $8,531,000. Finally, Arrowstreet Capital Limited Partnership increased its position in S&T Bancorp by 19.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 123,171 shares of the financial services provider’s stock valued at $5,152,000 after purchasing an additional 20,460 shares during the period. Institutional investors and hedge funds own 65.22% of the company’s stock.

S&T Bancorp Company Profile

S&T Bancorp, Inc is the financial holding company for S&T Bank, a community bank headquartered in Indiana, Pennsylvania. Founded in 1902, S&T Bank serves consumers, businesses, and institutions through a network of banking offices and digital channels.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing, and business loans. It also offers treasury and cash-management services designed to support business customers.

S&T Bank serves communities primarily across western Pennsylvania and eastern Ohio.