S&T Bancorp (NASDAQ:STBA) Reaches New 12-Month High – Should You Buy?

S&T Bancorp, Inc. (NASDAQ:STBA)’s stock price hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $53.58 and last traded at $53.0050, with a volume of 9,925 shares changing hands. The stock had previously closed at $52.16.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Hovde Group reaffirmed a “market perform” rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. Raymond James Financial started coverage on S&T Bancorp in a research report on Thursday, October 1st. They set a “market perform” rating for the company. Zacks Research downgraded S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. DA Davidson upped their target price 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, Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a research note on Thursday, October 22nd. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $52.20.

S&T Bancorp Trading Up 0.6%

The firm has a market cap of $1.85 billion, a P/E ratio of 13.30 and a beta of 0.86. The company’s 50 day moving average is $49.67 and its two-hundred day moving average is $46.56. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.99 and a quick ratio of 0.99.

S&T Bancorp (NASDAQ:STBA) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $1.09 EPS for the quarter, topping the consensus estimate of $0.99 by $0.10. The business had revenue of $107.79 million during the quarter, compared to the consensus estimate of $106.72 million. S&T Bancorp had a return on equity of 10.11% and a net margin of 25.10%. On average, sell-side analysts predict that S&T Bancorp, Inc. will post 4.06 earnings per share for the current year.

S&T Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, November 12th. S&T Bancorp’s payout ratio is presently 37.56%.

S&T Bancorp declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 23rd that allows the company to repurchase $100 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 5.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total transaction of $615,001.86. Following the transaction, the director owned 17,344 shares of the company’s stock, valued at $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 available through this link. 1.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On S&T Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Quantinno Capital Management LP boosted its position in shares of S&T Bancorp by 220.3% during the 1st quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider’s stock worth $2,816,000 after purchasing an additional 46,308 shares in the last quarter. Deutsche Bank AG bought a new position in shares of S&T Bancorp during the 2nd quarter worth $1,990,000. Bank of America Corp DE purchased a new stake in S&T Bancorp in the 2nd quarter worth about $29,117,000. Empowered Funds LLC purchased a new stake in S&T Bancorp in the 2nd quarter worth about $8,531,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in S&T Bancorp by 19.9% in 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 acquiring an additional 20,460 shares during the period. 65.22% of the stock is owned by institutional investors.

About S&T Bancorp

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.