Bank of America Corp DE Takes Position in S&T Bancorp, Inc. $STBA

Key Points

• Bank of America initiated a sizable position in S&T Bancorp during the second quarter, buying 593,254 shares worth approximately $29.1 million, or about 1.68% of the company. Institutional investors collectively own 65.22% of STBA.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $51.60. S&T Bancorp also exceeded quarterly earnings expectations, reporting $1.02 in EPS versus the $0.92 consensus.
• The company offers a 3.0% dividend yield and authorized a $100 million share-repurchase program, allowing buybacks of up to 5.6% of outstanding shares.

Bank of America Corp DE bought a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 593,254 shares of the financial services provider's stock, valued at approximately $29,117,000. Bank of America Corp DE owned approximately 1.68% of S&T Bancorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in STBA. Odyssean LLC acquired a new position in S&T Bancorp during the 2nd quarter valued at about $378,000. Man Group plc purchased a new stake in shares of S&T Bancorp in the second quarter worth approximately $269,000. Jupiter Topco LLC purchased a new stake in shares of S&T Bancorp in the second quarter worth approximately $840,000. Canada Pension Plan Investment Board bought a new position in shares of S&T Bancorp in the second quarter valued at approximately $996,000. Finally, Legal & General Group Plc bought a new position in shares of S&T Bancorp in the second quarter valued at approximately $4,221,000. Institutional investors and hedge funds own 65.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on STBA shares. Weiss Ratings reiterated a "buy (b)" rating on shares of S&T Bancorp in a research note 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. Piper Sandler upped their price objective on S&T Bancorp from $51.00 to $53.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. DA Davidson upped their price objective on S&T Bancorp from $47.00 to $53.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Finally, Hovde Group reaffirmed a "market perform" rating and set a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.60.

Insider Buying and Selling at S&T Bancorp

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

S&T Bancorp Trading Down 0.6%

Shares of STBA opened at $49.25 on Wednesday. The business's 50-day moving average price is $50.65 and its 200-day moving average price is $46.71. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.74 billion, a PE ratio of 13.10 and a beta of 0.84. S&T Bancorp, Inc. has a twelve month low of $34.38 and a twelve month high of $53.50.

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

S&T Bancorp Announces Dividend

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

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

S&T Bancorp Profile

S&T Bancorp, Inc is the bank holding company for S&T Bank, a full-service community bank headquartered in Indiana, Pennsylvania. Founded in 1902, the company provides banking and financial services to individuals, businesses and institutions.

S&T Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury management and other financial services. Through related businesses and banking divisions, the company also provides wealth management, investment, trust and insurance services.

The company primarily serves communities throughout western Pennsylvania and eastern Ohio through a network of banking offices and digital banking channels.

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