Mirae Asset Global Investments Co. Ltd. Makes New Investment in S&T Bancorp, Inc. $STBA

Mirae Asset Global Investments Co. Ltd. bought a new position in S&T Bancorp, Inc. (NASDAQ:STBA) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 33,608 shares of the financial services provider’s stock, valued at approximately $1,626,000.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in S&T Bancorp in the 2nd quarter valued at $253,047,000. Bank of America Corp DE acquired a new stake in shares of S&T Bancorp during the 2nd quarter valued at about $29,117,000. Bank of New York Mellon Corp acquired a new stake in shares of S&T Bancorp during the 2nd quarter valued at about $17,649,000. Empowered Funds LLC bought a new stake in S&T Bancorp in the second quarter valued at about $8,531,000. Finally, Legal & General Group Plc bought a new stake in S&T Bancorp in the second quarter valued at about $4,221,000. Institutional investors and hedge funds own 65.22% of the company’s stock.

S&T Bancorp Stock Performance

NASDAQ STBA opened at $50.78 on Friday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 12.89 and a beta of 0.86. The company has a 50 day moving average of $49.71 and a 200-day moving average of $46.66. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.04. S&T Bancorp, Inc. has a 1-year low of $36.94 and a 1-year high of $53.58.

S&T Bancorp (NASDAQ:STBA) last announced its earnings results on Thursday, October 22nd. The financial services provider reported $1.09 EPS for the quarter, topping the consensus estimate of $0.99 by $0.10. The business had revenue of $107.79 million for the quarter, compared to the consensus estimate of $106.72 million. S&T Bancorp had a return on equity of 10.11% and a net margin of 25.10%. On average, equities analysts forecast that S&T Bancorp, Inc. will post 4.06 earnings per share for the current fiscal year.

S&T Bancorp declared that its board has initiated a share buyback plan on Thursday, July 23rd that allows the company to repurchase $100 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 5.6% of its shares through open market purchases. Share repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

S&T Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be given a $0.37 dividend. The ex-dividend date is Thursday, November 12th. This represents a $1.48 annualized dividend and a yield of 2.9%. S&T Bancorp’s payout ratio is presently 37.56%.

Insider Transactions at S&T Bancorp

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total value of $615,001.86. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of S&T Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, October 11th. Zacks Research downgraded S&T Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. DA Davidson upped their price objective 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. Piper Sandler increased their target price on S&T Bancorp from $53.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, October 26th. Finally, Keefe, Bruyette & Woods raised their target price on S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.20.

S&T Bancorp Company Profile

S&T Bancorp, Inc is the financial holding company for S&T Bank, a community bank headquartered in Indiana, Pennsylvania. Founded in 1902, S&T Bank serves consumers, businesses, and institutions through a network of banking offices and digital channels.

The bank provides a range of financial products and services, including checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing, and business loans. It also offers treasury and cash-management services designed to support business customers.

S&T Bank serves communities primarily across western Pennsylvania and eastern Ohio.