S&T Bancorp (NASDAQ:STBA) Reaches New 1-Year High Following Analyst Upgrade

S&T Bancorp, Inc. (NASDAQ:STBA)’s stock price reached a new 52-week high during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $53.50 and last traded at $53.36, with a volume of 332475 shares changing hands. The stock had previously closed at $52.13.

Other equities analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods boosted their price objective on S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a report on Monday. Hovde Group reiterated a “market perform” rating and set a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research report on Monday. 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 report on Friday, July 24th. Piper Sandler boosted their price target on S&T Bancorp from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Monday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of S&T Bancorp in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.60.

Institutional Investors Weigh In On S&T Bancorp

A number of institutional investors have recently modified their holdings of STBA. Dimensional Fund Advisors LP raised its holdings in S&T Bancorp by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,345,177 shares of the financial services provider’s stock worth $98,098,000 after purchasing an additional 6,583 shares during the period. State Street Corp increased its position in shares of S&T Bancorp by 3.7% in the fourth quarter. State Street Corp now owns 1,723,385 shares of the financial services provider’s stock valued at $67,815,000 after buying an additional 61,800 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of S&T Bancorp by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,624,436 shares of the financial services provider’s stock valued at $63,922,000 after buying an additional 20,411 shares in the last quarter. Geode Capital Management LLC grew its stake in S&T Bancorp by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 958,685 shares of the financial services provider’s stock valued at $37,729,000 after acquiring an additional 3,388 shares during the period. Finally, Millennium Management LLC grew its stake in S&T Bancorp by 33.5% in the 3rd quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock valued at $17,260,000 after acquiring an additional 115,333 shares during the period. 65.22% of the stock is currently owned by institutional investors and hedge funds.

S&T Bancorp Stock Performance

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 firm’s fifty day moving average is $48.14 and its 200 day moving average is $44.61. The company has a market cap of $1.88 billion, a PE ratio of 13.89 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. The business had revenue of $105.24 million for the quarter, compared to analyst estimates of $104.43 million. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. As a group, research analysts predict that S&T Bancorp, Inc. will post 3.93 EPS for the current fiscal year.

S&T Bancorp declared that its Board of Directors has authorized a share 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 repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.