Canada Pension Plan Investment Board Takes Position in S&T Bancorp, Inc. $STBA

Key Points

• Canada Pension Plan Investment Board acquired 20,300 shares of S&T Bancorp worth approximately $996,000, while institutional investors collectively own 65.22% of the company.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $51.60; recent targets range from $52 to $54.
• S&T Bancorp exceeded quarterly earnings expectations, reporting $1.02 in EPS versus $0.92 expected, and approved a $100 million share-repurchase program alongside a quarterly dividend yielding about 3%.

Canada Pension Plan Investment Board 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 and Exchange Commission (SEC). The fund purchased 20,300 shares of the financial services provider's stock, valued at approximately $996,000. Canada Pension Plan Investment Board owned 0.06% of S&T Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of STBA. Costello Asset Management INC acquired a new stake in S&T Bancorp in the fourth quarter valued at $26,000. EverSource Wealth Advisors LLC lifted its holdings 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 worth $34,000 after buying an additional 888 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of S&T Bancorp in the 2nd quarter valued at about $37,000. Smithfield Trust Co bought a new stake in shares of S&T Bancorp in the 4th quarter valued at about $40,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of S&T Bancorp in the third quarter valued at about $50,000. Institutional investors own 65.22% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on STBA shares. Piper Sandler raised their price objective on S&T Bancorp from $51.00 to $53.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of S&T Bancorp in a report on Friday, July 24th. 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. Zacks Research upgraded shares of S&T Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Finally, 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 report on Monday, July 27th. One 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.60.

Insiders Place Their Bets

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. Insiders own 1.23% of the company's stock.

S&T Bancorp Stock Performance

Shares of STBA opened at $49.48 on Tuesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.05. The firm's fifty day simple moving average is $50.32 and its two-hundred day simple moving average is $45.98. S&T Bancorp, Inc. has a 12 month low of $34.38 and a 12 month high of $53.50. The stock has a market capitalization of $1.74 billion, a P/E ratio of 13.16 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. The firm had revenue of $105.24 million during 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, analysts predict that S&T Bancorp, Inc. will post 3.93 EPS for the current year.

S&T Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was 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 declared that its board has initiated a share repurchase program on Thursday, July 23rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source