Arrowstreet Capital Limited Partnership Buys 20,460 Shares of S&T Bancorp, Inc. $STBA

Key Points

• Arrowstreet Capital increased its S&T Bancorp stake by 19.9% in the first quarter, purchasing 20,460 additional shares and bringing its holdings to 123,171 shares worth approximately $5.15 million. Institutional investors collectively own 65.22% of the company.
• S&T Bancorp reported quarterly earnings of $1.02 per share, beating analysts’ $0.92 estimate, while revenue of $105.24 million also exceeded expectations. The company authorized a $100 million share-repurchase program covering up to 5.6% of outstanding shares.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $51.60; shares recently opened at $52.15 after trading between $34.01 and $53.50 over the past year.

Arrowstreet Capital Limited Partnership raised its position in S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) by 19.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,171 shares of the financial services provider's stock after purchasing an additional 20,460 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.34% of S&T Bancorp worth $5,152,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of STBA. JPMorgan Chase & Co. grew its stake in S&T Bancorp by 37.6% in the third quarter. JPMorgan Chase & Co. now owns 51,208 shares of the financial services provider's stock valued at $1,925,000 after purchasing an additional 13,988 shares in the last quarter. Hsbc Holdings PLC bought a new position in S&T Bancorp during the first quarter worth about $1,060,000. Denali Advisors LLC grew its holdings in S&T Bancorp by 43.3% during the fourth quarter. Denali Advisors LLC now owns 127,100 shares of the financial services provider's stock worth $5,001,000 after purchasing an additional 38,400 shares during the period. Dean Capital Management increased its position in S&T Bancorp by 30.3% during the fourth quarter. Dean Capital Management now owns 47,830 shares of the financial services provider's stock worth $1,882,000 after buying an additional 11,132 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in S&T Bancorp during the first quarter worth approximately $694,000. Institutional investors own 65.22% of the company's stock.

S&T Bancorp Price Performance

Shares of STBA opened at $52.15 on Monday. S&T Bancorp, Inc. has a one year low of $34.01 and a one year high of $53.50. The company has a market cap of $1.88 billion, a P/E ratio of 13.87 and a beta of 0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a 50 day simple moving average of $48.29 and a two-hundred day simple moving average of $44.70.

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, beating 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 firm had revenue of $105.24 million for the quarter, compared to the consensus estimate of $104.43 million. Research analysts forecast that S&T Bancorp, Inc. will post 3.93 EPS for the current fiscal year.

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

Analyst Ratings Changes

STBA has been the subject of several research analyst reports. Piper Sandler lifted 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. Zacks Research raised S&T Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods lifted their price objective on shares of 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. Hovde Group reiterated a "market perform" rating and issued a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. Finally, DA Davidson increased their price objective on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. One investment 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 company. According to MarketBeat.com, S&T Bancorp presently has an average rating of "Moderate Buy" and an average target price of $51.60.

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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