Corient Private Wealth LP Invests $2.38 Million in S&T Bancorp, Inc. $STBA

Key Points

• Corient Private Wealth purchased 48,507 S&T Bancorp shares worth approximately $2.38 million, giving it about a 0.14% stake. Institutional investors collectively own 65.22% of the company.
• S&T Bancorp exceeded quarterly earnings expectations, reporting $1.02 EPS versus the $0.92 consensus and $105.24 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $51.60.
• The board authorized a $100 million share-repurchase program covering up to 5.6% of shares, while the company continues paying a quarterly dividend of $0.37, equivalent to a 3.0% annualized yield.

Corient Private Wealth LP purchased 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 SEC. The firm purchased 48,507 shares of the financial services provider's stock, valued at approximately $2,381,000. Corient Private Wealth LP owned about 0.14% of S&T Bancorp at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in S&T Bancorp by 5.0% in the 1st quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider's stock valued at $238,000 after buying an additional 269 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of S&T Bancorp by 16.4% during the second quarter. GAMMA Investing LLC now owns 2,018 shares of the financial services provider's stock worth $99,000 after buying an additional 285 shares in the last quarter. HBK Sorce Advisory LLC boosted its position in shares of S&T Bancorp by 3.7% in the fourth quarter. HBK Sorce Advisory LLC now owns 8,414 shares of the financial services provider's stock valued at $331,000 after acquiring an additional 300 shares during the period. Captrust Financial Advisors boosted its position in shares of S&T Bancorp by 3.2% in the fourth quarter. Captrust Financial Advisors now owns 10,992 shares of the financial services provider's stock valued at $433,000 after acquiring an additional 345 shares during the period. Finally, Inspire Investing LLC boosted its position in shares of S&T Bancorp by 3.6% in the first quarter. Inspire Investing LLC now owns 12,270 shares of the financial services provider's stock valued at $513,000 after acquiring an additional 423 shares during the period. 65.22% of the stock is currently owned by institutional investors.

S&T Bancorp Stock Up 1.4%

STBA stock opened at $49.88 on Thursday. S&T Bancorp, Inc. has a 52 week low of $34.38 and a 52 week high of $53.50. The business has a 50-day simple moving average of $50.36 and a 200 day simple moving average of $46.07. 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 company has a market cap of $1.76 billion, a PE ratio of 13.27 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $105.24 million for the quarter, compared to the consensus estimate of $104.43 million. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. Sell-side analysts anticipate 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 stock repurchase program on Thursday, July 23rd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

S&T Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors 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 (DPR) is currently 39.36%.

Insider Activity

In related news, Director William J. Hieb sold 11,979 shares of S&T Bancorp stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $51.34, for a total value of $615,001.86. Following the transaction, the director directly 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 legal filing with the SEC, which is available through this link. Corporate insiders own 1.23% of the company's stock.

Analysts Set New Price Targets

STBA has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price target 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. Weiss Ratings reissued a "buy (b)" rating on shares of S&T Bancorp in a report on Friday, July 24th. Piper Sandler increased their target price on shares of S&T Bancorp from $51.00 to $53.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. DA Davidson raised their target price on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, 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 report on Monday, July 27th. One equities 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's stock. According to data from MarketBeat.com, S&T Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $51.60.

About S&T Bancorp

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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