BlackRock Inc. Makes New Investment in S&T Bancorp, Inc. $STBA

Key Points

• BlackRock acquired a 14.33% stake in S&T Bancorp during the second quarter, purchasing 5.16 million shares valued at approximately $253 million. Institutional investors and hedge funds collectively own 65.22% of the company.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $51.60. S&T Bancorp recently exceeded quarterly earnings expectations, reporting EPS of $1.02 versus the $0.92 consensus.
• The company declared a quarterly dividend of $0.37 per share, representing a 3.0% annualized yield, and authorized a $100 million share-repurchase program covering up to 5.6% of outstanding shares.

BlackRock Inc. acquired a new stake in S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 5,155,798 shares of the financial services provider's stock, valued at approximately $253,047,000. BlackRock Inc. owned 14.33% of S&T Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in STBA. Bank of New York Mellon Corp bought a new stake in shares of S&T Bancorp during the 2nd quarter valued at $17,649,000. Millennium Management LLC boosted its position in shares of S&T Bancorp by 33.5% during the 3rd quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider's stock worth $17,260,000 after acquiring an additional 115,333 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of S&T Bancorp during the 1st quarter worth approximately $4,211,000. Qube Research & Technologies Ltd increased its stake in S&T Bancorp by 58.0% in the third quarter. Qube Research & Technologies Ltd now owns 234,645 shares of the financial services provider's stock valued at $8,820,000 after acquiring an additional 86,125 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in S&T Bancorp in the second quarter valued at approximately $3,809,000. Institutional investors and hedge funds own 65.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on STBA. Piper Sandler upped 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. Hovde Group reiterated a "market perform" rating and issued a $54.00 price target (up from $47.00) on shares of S&T Bancorp 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. DA Davidson upped their price objective on S&T Bancorp from $47.00 to $53.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods raised their price objective on S&T Bancorp from $49.00 to $52.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $51.60.

S&T Bancorp Price Performance

Shares of STBA opened at $49.86 on Thursday. The business has a 50-day moving average of $50.16 and a 200-day moving average of $45.87. 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 company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 13.26 and a beta of 0.85. S&T Bancorp, Inc. has a 1 year low of $34.38 and a 1 year 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 earnings per share (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 the consensus estimate of $104.43 million. As a group, equities research analysts anticipate that S&T Bancorp, Inc. will post 3.93 earnings per share for the current year.

S&T Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 18th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.48 annualized dividend and a yield of 3.0%. S&T Bancorp's dividend payout ratio (DPR) is currently 39.36%.

S&T Bancorp announced that its board has authorized a stock repurchase plan on Thursday, July 23rd that authorizes the company to repurchase $100.00 million in 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 generally a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other S&T Bancorp 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 value of $615,001.86. Following the completion of the sale, the director directly owned 17,344 shares in the company, valued at approximately $890,440.96. The trade was a 40.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.23% of the stock is owned by corporate 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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