S&T Bancorp, Inc. (NASDAQ:STBA) Sees Large Increase in Short Interest

S&T Bancorp, Inc. (NASDAQ:STBA) saw a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 990,349 shares, a growth of 23.2% from the January 29th total of 803,762 shares. Based on an average trading volume of 218,718 shares, the days-to-cover ratio is currently 4.5 days. Approximately 2.6% of the shares of the company are short sold. Approximately 2.6% of the shares of the company are short sold. Based on an average trading volume of 218,718 shares, the days-to-cover ratio is currently 4.5 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Costello Asset Management INC purchased a new stake in S&T Bancorp in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 888 shares during the period. Torren Management LLC purchased a new stake in shares of S&T Bancorp in the fourth quarter worth approximately $37,000. Smithfield Trust Co acquired a new stake in shares of S&T Bancorp during the fourth quarter worth approximately $40,000. Finally, Versant Capital Management Inc grew its position in S&T Bancorp by 41.6% during the third quarter. Versant Capital Management Inc now owns 1,308 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 384 shares in the last quarter. Hedge funds and other institutional investors own 65.22% of the company’s stock.

S&T Bancorp Trading Down 0.6%

STBA stock traded down $0.26 during mid-day trading on Tuesday, reaching $42.63. 403,955 shares of the stock traded hands, compared to its average volume of 222,940. S&T Bancorp has a 52-week low of $30.84 and a 52-week high of $44.91. The stock’s fifty day moving average is $41.91 and its 200-day moving average is $39.74. The company has a market cap of $1.63 billion, a P/E ratio of 12.18 and a beta of 0.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07.

S&T Bancorp (NASDAQ:STBA) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.89. The business had revenue of $105.90 million for the quarter, compared to analyst estimates of $103.46 million. S&T Bancorp had a net margin of 23.61% and a return on equity of 9.25%. As a group, sell-side analysts expect that S&T Bancorp will post 3.05 earnings per share for the current year.

S&T Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, February 12th. S&T Bancorp’s payout ratio is 41.14%.

S&T Bancorp announced that its board has initiated a share buyback plan on Thursday, January 22nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STBA. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of S&T Bancorp in a report on Monday, December 29th. Zacks Research raised shares of S&T Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 2nd. Hovde Group raised their price objective on shares of S&T Bancorp from $44.00 to $47.00 and gave the company a “market perform” rating in a research note on Monday, February 23rd. DA Davidson began coverage on S&T Bancorp in a report on Wednesday, February 25th. They set a “neutral” rating and a $47.00 target price on the stock. Finally, Janney Montgomery Scott upgraded S&T Bancorp from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.40.

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.