DA Davidson Forecasts Strong Price Appreciation for S&T Bancorp (NASDAQ:STBA) Stock

Key Points

• DA Davidson raised its price target for S&T Bancorp from $47 to $53 while maintaining a “neutral” rating, implying approximately 2.34% upside. The overall analyst consensus remains “Hold,” with a $47.80 target.
• S&T Bancorp exceeded quarterly expectations, reporting $1.02 in EPS versus the $0.92 consensus estimate and $105.24 million in revenue versus $104.43 million expected.
• The company authorized a $100 million share repurchase program, allowing buybacks of up to 5.6% of outstanding shares; institutional investors currently own 65.22% of the stock.

S&T Bancorp (NASDAQ:STBA - Get Free Report) had its target price boosted by research analysts at DA Davidson from $47.00 to $53.00 in a report released on Friday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. DA Davidson's target price would indicate a potential upside of 2.34% from the company's current price.

Other analysts have also recently issued research reports about the stock. Piper Sandler raised their price objective on shares of S&T Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of S&T Bancorp in a report on Friday. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $47.80.

S&T Bancorp Price Performance

Shares of NASDAQ STBA opened at $51.79 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.99 and a current ratio of 0.99. S&T Bancorp has a fifty-two week low of $34.01 and a fifty-two week high of $52.12. The firm has a market capitalization of $1.86 billion, a PE ratio of 13.77 and a beta of 0.84. The stock's 50-day simple moving average is $47.50 and its 200-day simple moving average is $44.25.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. The firm had revenue of $105.24 million during the quarter, compared to analysts' expectations of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. As a group, equities research analysts forecast that S&T Bancorp will post 3.8 EPS for the current fiscal year.

S&T Bancorp announced that its Board of Directors has authorized a share buyback plan on Thursday, July 23rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On S&T Bancorp

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 valued at $26,000. EverSource Wealth Advisors LLC increased its stake 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 purchasing an additional 888 shares during the period. Torren Management LLC acquired a new position in S&T Bancorp in the fourth quarter valued at $37,000. Smithfield Trust Co purchased a new stake in shares of S&T Bancorp in the fourth quarter valued at about $40,000. Finally, Strs Ohio acquired a new stake in shares of S&T Bancorp during the first quarter worth about $54,000. 65.22% of the stock is currently owned by hedge funds and other institutional investors.

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.

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