S&T Bancorp (NASDAQ:STBA) Given New $53.00 Price Target at DA Davidson

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

Several other equities research analysts have also issued reports on the stock. Piper Sandler raised their target price on shares of S&T Bancorp from $45.00 to $51.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a report on Friday. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, S&T Bancorp has an average rating of “Hold” and an average price target of $47.80.

S&T Bancorp Price Performance

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

S&T Bancorp (NASDAQ:STBA) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. The firm had revenue of $105.24 million for the quarter, compared to analysts’ expectations of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. On average, analysts anticipate that S&T Bancorp will post 3.8 EPS for the current year.

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

S&T Bancorp Increases Dividend

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

Hedge Funds Weigh In On S&T Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Costello Asset Management INC bought a new stake in S&T Bancorp in the fourth quarter valued at $26,000. EverSource Wealth Advisors LLC increased its position in S&T Bancorp by 5,223.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 888 shares during the period. Torren Management LLC acquired a new position in S&T Bancorp during the 4th quarter worth $37,000. Smithfield Trust Co acquired a new position in shares of S&T Bancorp during the fourth quarter valued at $40,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of S&T Bancorp during the third quarter valued at about $50,000. 65.22% of the stock is currently owned by institutional investors and hedge funds.

S&T Bancorp Company Profile

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.