S&T Bancorp (NASDAQ:STBA) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of S&T Bancorp (NASDAQ:STBA) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Piper Sandler increased their price target on shares of S&T Bancorp from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Monday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of S&T Bancorp in a research note on Friday, July 24th. Keefe, Bruyette & Woods upped their target price on shares of S&T Bancorp from $49.00 to $52.00 and gave the stock a “market perform” rating in a report on Monday. Hovde Group reiterated a “market perform” rating and issued a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a research note on Monday. Finally, DA Davidson raised their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.60.

S&T Bancorp Price Performance

Shares of NASDAQ STBA opened at $52.95 on Tuesday. The stock has a market cap of $1.91 billion, a PE ratio of 14.08 and a beta of 0.84. S&T Bancorp has a fifty-two week low of $34.01 and a fifty-two week high of $53.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a fifty day moving average of $48.00 and a 200-day moving average of $44.52.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings data 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. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.The business had revenue of $105.24 million for the quarter, compared to analysts’ expectations of $104.43 million. Equities research analysts anticipate that S&T Bancorp will post 3.93 earnings per share for the current year.

S&T Bancorp declared that its board has approved a stock repurchase program on Thursday, July 23rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On S&T Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in STBA. Dimensional Fund Advisors LP raised its position 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 boosted its stake in shares of S&T Bancorp by 3.7% during 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 purchasing an additional 61,800 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of S&T Bancorp by 1.3% during the fourth 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 purchasing an additional 20,411 shares during the period. Geode Capital Management LLC grew its holdings in shares of S&T Bancorp by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 958,685 shares of the financial services provider’s stock worth $37,729,000 after purchasing an additional 3,388 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of S&T Bancorp by 33.5% in the third quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider’s stock worth $17,260,000 after buying an additional 115,333 shares during the period. Institutional investors own 65.22% of the company’s stock.

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.