33,608 Shares of S&T Bancorp, Inc. $STBA Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new stake in S&T Bancorp, Inc. (NASDAQ:STBA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 33,608 shares of the financial services provider’s stock, valued at approximately $1,626,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.10% of S&T Bancorp as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of STBA. Royal Bank of Canada lifted its stake in S&T Bancorp by 5.0% during the first quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider’s stock valued at $238,000 after purchasing an additional 269 shares during the last quarter. Amundi increased its holdings in shares of S&T Bancorp by 4.2% in the 2nd quarter. Amundi now owns 6,822 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 273 shares during the period. GAMMA Investing LLC increased its stake in S&T Bancorp by 16.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,018 shares of the financial services provider’s stock valued at $99,000 after buying an additional 285 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of S&T Bancorp during the second quarter worth $29,000. Finally, Fortitude Family Office LLC acquired a new stake in S&T Bancorp during the third quarter valued at $31,000. Institutional investors and hedge funds own 65.22% of the company’s stock.

S&T Bancorp Price Performance

Shares of NASDAQ:STBA opened at $50.78 on Friday. The stock has a market capitalization of $1.79 billion, a P/E ratio of 12.89 and a beta of 0.86. The business has a 50-day moving average of $49.71 and a two-hundred day moving average of $46.66. S&T Bancorp, Inc. has a fifty-two week low of $36.94 and a fifty-two week high of $53.58. 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 issued its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. S&T Bancorp had a return on equity of 10.11% and a net margin of 25.10%. The business had revenue of $107.79 million for the quarter, compared to analyst estimates of $106.72 million. On average, equities research analysts predict that S&T Bancorp, Inc. will post 4.06 EPS for the current fiscal year.

S&T Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Thursday, November 12th will be paid a $0.37 dividend. The ex-dividend date is Thursday, November 12th. This represents a $1.48 annualized dividend and a dividend yield of 2.9%. S&T Bancorp’s dividend payout ratio (DPR) is presently 37.56%.

S&T Bancorp declared that its board has approved a stock repurchase plan on Thursday, July 23rd that permits the company to repurchase $100 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 5.6% of its stock through open market purchases. Share repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on STBA. Wall Street Zen raised S&T Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, October 11th. Keefe, Bruyette & Woods boosted their price target on S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Hovde Group reissued 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. Piper Sandler increased their price objective on S&T Bancorp from $53.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, October 26th. Finally, Raymond James Financial began coverage on shares of S&T Bancorp in a research report on Thursday, October 1st. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $52.20.

Insider Activity

In other news, Director William Hieb sold 11,979 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were 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 in the company, valued at approximately $890,440.96. The trade was a 40.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.23% 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.