The Manufacturers Life Insurance Company Takes Position in S&T Bancorp, Inc. $STBA

The Manufacturers Life Insurance Company bought a new position in S&T Bancorp, Inc. (NASDAQ:STBA) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,980 shares of the financial services provider’s stock, valued at approximately $735,000.

A number of other hedge funds have also made changes to their positions in the company. Costello Asset Management INC bought a new position in S&T Bancorp during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its position in S&T Bancorp by 5,223.5% in the second quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider’s stock valued at $34,000 after buying an additional 888 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in S&T Bancorp during the second quarter worth about $37,000. Smithfield Trust Co bought a new stake in S&T Bancorp during the fourth quarter worth about $40,000. Finally, CIBC Private Wealth Group LLC bought a new stake in S&T Bancorp during the third quarter worth about $50,000. Institutional investors and hedge funds own 65.22% of the company’s stock.

S&T Bancorp Stock Performance

Shares of NASDAQ:STBA opened at $50.64 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. S&T Bancorp, Inc. has a 1-year low of $34.38 and a 1-year high of $53.50. The stock has a market capitalization of $1.79 billion, a P/E ratio of 13.47 and a beta of 0.84. The business has a 50-day moving average price of $50.41 and a two-hundred day moving average price of $46.14.

S&T Bancorp (NASDAQ:STBA) last issued 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. 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 for the quarter, compared to analyst estimates of $104.43 million. Equities analysts predict that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.

S&T Bancorp announced that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

S&T Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were paid a $0.37 dividend. The ex-dividend date of this dividend 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 presently 39.36%.

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 on Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total transaction of $615,001.86. Following the completion of the sale, the director owned 17,344 shares of the company’s stock, valued at approximately $890,440.96. The trade was a 40.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on STBA. DA Davidson lifted their target price on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Piper Sandler increased their price target on S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Zacks Research raised S&T Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Hovde Group reiterated a “market perform” rating and issued a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods increased their target price on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. One 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.60.

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.