DA Davidson Forecasts Strong Price Appreciation for S&T Bancorp (NASDAQ:STBA) Stock

S&T Bancorp (NASDAQ:STBA) had its price objective upped by equities research analysts at DA Davidson from $47.00 to $53.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective would indicate a potential upside of 2.34% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday. Piper Sandler raised their price target on S&T Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, S&T Bancorp presently has a consensus rating of “Hold” and a consensus target price of $47.80.

S&T Bancorp Stock Performance

Shares of STBA stock opened at $51.79 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.86 billion, a P/E ratio of 13.77 and a beta of 0.84. The stock has a 50 day simple moving average of $47.50 and a 200 day simple moving average of $44.25. S&T Bancorp has a 1 year low of $34.01 and a 1 year high of $52.12.

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

S&T Bancorp declared that its board has initiated a share buyback program on Thursday, July 23rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of S&T Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its holdings in S&T Bancorp by 33.5% during the 3rd quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock worth $17,260,000 after purchasing an additional 115,333 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of S&T Bancorp during the first quarter worth $4,211,000. Qube Research & Technologies Ltd lifted its holdings in S&T Bancorp by 58.0% in the third quarter. Qube Research & Technologies Ltd now owns 234,645 shares of the financial services provider’s stock valued at $8,820,000 after buying an additional 86,125 shares during the period. Global Retirement Partners LLC bought a new position in shares of S&T Bancorp in the 4th quarter worth about $3,052,000. Finally, State Street Corp boosted its position in shares of S&T Bancorp by 3.7% during the 4th quarter. State Street Corp now owns 1,723,385 shares of the financial services provider’s stock valued at $67,815,000 after purchasing an additional 61,800 shares in the last quarter. Institutional investors and hedge funds own 65.22% of the company’s stock.

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.