S&T Bancorp, Inc. $STBA Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC raised its stake in shares of S&T Bancorp, Inc. (NASDAQ:STBA) by 38.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,260 shares of the financial services provider’s stock after buying an additional 56,574 shares during the quarter. ProShare Advisors LLC owned about 0.58% of S&T Bancorp worth $9,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of STBA. Royal Bank of Canada lifted its holdings in shares of S&T Bancorp by 5.0% in the first quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider’s stock worth $238,000 after buying an additional 269 shares in the last quarter. Amundi grew its stake in S&T Bancorp by 4.2% during the second quarter. Amundi now owns 6,822 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 273 shares in the last quarter. GAMMA Investing LLC grew its stake in S&T Bancorp by 16.4% during the second quarter. GAMMA Investing LLC now owns 2,018 shares of the financial services provider’s stock valued at $99,000 after acquiring an additional 285 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in S&T Bancorp during the second quarter valued at $29,000. Finally, Fortitude Family Office LLC bought a new stake in S&T Bancorp in the 3rd quarter valued at $31,000. Institutional investors own 65.22% of the company’s stock.

S&T Bancorp Stock Down 1.5%

NASDAQ STBA opened at $51.27 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $1.81 billion, a P/E ratio of 13.21 and a beta of 0.86. S&T Bancorp, Inc. has a one year low of $36.39 and a one year high of $53.50. The stock has a 50 day moving average price of $49.63 and a 200-day moving average price of $46.50.

S&T Bancorp (NASDAQ:STBA) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. S&T Bancorp had a net margin of 25.10% and a return on equity of 10.11%. The firm had revenue of $107.79 million during the quarter, compared to analyst estimates of $106.72 million. As a group, equities analysts predict that S&T Bancorp, Inc. will post 4.06 EPS for the current fiscal year.

S&T Bancorp declared that its Board of Directors has approved a share buyback plan on Thursday, July 23rd that allows the company to repurchase $100 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 5.6% of its stock through open market purchases. Share repurchase plans are often a sign that the company’s leadership believes its stock is 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 dividend of $0.37 per share. 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 dividend payout ratio (DPR) is 37.56%.

Insider Activity at S&T Bancorp

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 value of $615,001.86. Following the completion of the transaction, the director directly owned 17,344 shares of the company’s stock, valued at $890,440.96. This trade represents a 40.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.23% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on STBA shares. Raymond James Financial assumed coverage on shares of S&T Bancorp in a research note on Thursday, October 1st. They issued a “market perform” rating on the stock. Piper Sandler raised their price objective on S&T Bancorp from $53.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, October 26th. Keefe, Bruyette & Woods raised their price objective on S&T Bancorp from $49.00 to $52.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Wall Street Zen raised S&T Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, October 11th. Finally, Zacks Research downgraded S&T Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $52.20.

S&T Bancorp 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.