173,819 Shares in S&T Bancorp, Inc. $STBA Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 173,819 shares of S&T Bancorp valued at approximately $8.5 million, giving it a 0.49% stake. Institutional investors collectively own 65.22% of the company.
• S&T Bancorp exceeded quarterly earnings expectations, reporting $1.02 in EPS versus the $0.92 consensus and revenue of $105.24 million. Analysts have a “Moderate Buy” consensus rating with an average price target of $51.60.
• The company maintains a quarterly dividend of $0.37 per share, representing a 3.0% yield, and authorized a $100 million share-repurchase program covering up to 5.6% of its outstanding stock.

Empowered Funds LLC bought a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 173,819 shares of the financial services provider's stock, valued at approximately $8,531,000. Empowered Funds LLC owned about 0.49% of S&T Bancorp at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio bought a new stake in shares of S&T Bancorp in the 2nd quarter valued at about $29,000. Costello Asset Management INC bought a new stake in S&T Bancorp in the fourth quarter valued at approximately $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in S&T Bancorp in the second quarter valued at approximately $37,000. EverSource Wealth Advisors LLC increased its position in S&T Bancorp by 5,223.5% during the 2nd 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. Finally, Smithfield Trust Co acquired a new stake in S&T Bancorp during the 4th quarter valued at approximately $40,000. Institutional investors own 65.22% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted 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 research note on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of S&T Bancorp in a report on Friday, July 24th. Zacks Research raised S&T Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. DA Davidson upped their target price on S&T Bancorp from $47.00 to $53.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Piper Sandler raised their target price on S&T Bancorp from $51.00 to $53.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $51.60.

S&T Bancorp Stock Down 0.1%

STBA stock opened at $49.79 on Friday. The stock's 50 day simple moving average is $50.27 and its 200 day simple moving average is $45.93. S&T Bancorp, Inc. has a fifty-two week low of $34.38 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 company has a market cap of $1.76 billion, a P/E ratio of 13.24 and a beta of 0.85.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. The company had revenue of $105.24 million for the quarter, compared to analyst estimates of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. On average, research analysts expect that S&T Bancorp, Inc. will post 3.93 earnings per share for the current fiscal year.

S&T Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Tuesday, August 18th were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, August 18th. This represents a $1.48 dividend on an annualized basis and a yield of 3.0%. S&T Bancorp's payout ratio is 39.36%.

S&T Bancorp announced that its board has initiated a stock buyback program 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 programs are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at S&T Bancorp

In related news, Director William J. Hieb sold 11,979 shares of S&T Bancorp stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total transaction of $615,001.86. Following the transaction, the director owned 17,344 shares of the company's stock, valued at $890,440.96. The trade was a 40.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.23% of the stock is owned by corporate insiders.

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.

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