Bank of New York Mellon Corp Purchases New Position in S&T Bancorp, Inc. $STBA

Key Points

• Bank of New York Mellon acquired 359,593 shares of S&T Bancorp valued at approximately $17.6 million, giving it a 1% 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 estimate and revenue of $105.24 million. The company also pays a $0.37 quarterly dividend, yielding about 3.0%, and authorized a $100 million share-repurchase program.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $51.60, compared with the stock’s reported price of $49.48.

Bank of New York Mellon Corp purchased a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 359,593 shares of the financial services provider's stock, valued at approximately $17,649,000. Bank of New York Mellon Corp owned approximately 1.00% of S&T Bancorp at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Costello Asset Management INC acquired a new position in shares of S&T Bancorp during the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC boosted its stake in shares of 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 worth $34,000 after acquiring an additional 888 shares during the last quarter. Smithfield Trust Co acquired a new stake in shares of S&T Bancorp in the fourth quarter worth approximately $40,000. CIBC Private Wealth Group LLC purchased a new stake in shares of S&T Bancorp during the third quarter worth approximately $50,000. Finally, Strs Ohio purchased a new stake in shares of S&T Bancorp during the first quarter worth approximately $54,000. Hedge funds and other institutional investors own 65.22% of the company's stock.

S&T Bancorp Trading Down 0.6%

Shares of S&T Bancorp stock opened at $49.48 on Tuesday. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.16 and a beta of 0.84. 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 stock has a 50 day moving average of $50.32 and a 200 day moving average of $45.98.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. The business 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%. As a group, research analysts predict that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.

S&T Bancorp Dividend Announcement

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

S&T Bancorp declared that its Board of Directors has approved a stock repurchase program 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 repurchase up to 5.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

STBA has been the topic of a number of research reports. Zacks Research upgraded S&T Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods increased their target price on shares of 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. DA Davidson raised their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Hovde Group restated a "market perform" rating and set a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of S&T Bancorp in a research note on Friday, July 24th. One research 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.60.

Insiders Place Their Bets

In other S&T Bancorp news, Director William J. Hieb sold 11,979 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total transaction of $615,001.86. Following the completion of the transaction, the director owned 17,344 shares of the company's stock, valued at $890,440.96. This trade represents a 40.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.23% of the stock is currently owned by company insiders.

S&T Bancorp 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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