The Manufacturers Life Insurance Company Buys Shares of 14,980 S&T Bancorp, Inc. $STBA

The Manufacturers Life Insurance Company purchased a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,980 shares of the financial services provider’s stock, valued at approximately $735,000.

Other hedge funds also recently modified their holdings of the company. Quantinno Capital Management LP increased its position in S&T Bancorp by 220.3% during 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. Arrowstreet Capital Limited Partnership raised its stake 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 last quarter. BlackRock Inc. bought a new stake in S&T Bancorp in the 2nd quarter valued at $253,047,000. Deutsche Bank AG bought a new stake in S&T Bancorp in the 2nd quarter valued at $1,990,000. Finally, Global Retirement Partners LLC acquired a new stake in S&T Bancorp in the 2nd quarter worth $3,809,000. 65.22% of the stock is owned by institutional investors.

S&T Bancorp Trading Up 1.1%

Shares of S&T Bancorp stock opened at $50.64 on Friday. 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 capitalization of $1.79 billion, a PE ratio of 13.47 and a beta of 0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99. The company’s fifty day moving average price is $50.41 and its two-hundred day moving average price is $46.14.

S&T Bancorp (NASDAQ:STBA) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. The company had revenue of $105.24 million during the quarter, compared to the consensus estimate of $104.43 million. On average, analysts expect that S&T Bancorp, Inc. will post 3.93 EPS for the current year.

S&T Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, August 18th. This represents a $1.48 dividend on an annualized basis and a yield of 2.9%. S&T Bancorp’s dividend payout ratio (DPR) is currently 39.36%.

S&T Bancorp announced that its Board of Directors has approved a stock buyback plan on Thursday, July 23rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 5.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

STBA has been the topic of several research reports. Zacks Research upgraded shares of S&T Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Hovde Group reissued a “market perform” rating and set a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. DA Davidson boosted their price target on S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods upped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.60.

Insider Buying and Selling

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of S&T Bancorp 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 sale, the director directly owned 17,344 shares of the company’s stock, valued at approximately $890,440.96. The trade was a 40.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.23% of the stock is currently owned by corporate insiders.

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.