Deutsche Bank AG Takes Position in S&T Bancorp, Inc. $STBA

Key Points

• Deutsche Bank acquired 40,541 shares of S&T Bancorp worth approximately $1.99 million, while institutional investors collectively own 65.22% of the company.
• S&T Bancorp reported quarterly earnings of $1.02 per share, exceeding estimates of $0.92, and generated $105.24 million in revenue. The company also authorized a $100 million share buyback and maintains a quarterly dividend of $0.37, yielding about 3.0%.
• Analysts have a “Moderate Buy” consensus rating with an average price target of $51.60, although an insider recently sold 11,979 shares. The stock opened at $49.79 and has traded between $34.38 and $53.50 over the past year.

Deutsche Bank AG purchased a new position in shares of S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 40,541 shares of the financial services provider's stock, valued at approximately $1,990,000. Deutsche Bank AG owned 0.11% of S&T Bancorp as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in S&T Bancorp by 10.1% during the 1st quarter. Royal Bank of Canada now owns 13,147 shares of the financial services provider's stock worth $487,000 after purchasing an additional 1,206 shares during the period. AQR Capital Management LLC lifted its holdings in shares of S&T Bancorp by 54.9% in the 1st quarter. AQR Capital Management LLC now owns 36,148 shares of the financial services provider's stock valued at $1,339,000 after buying an additional 12,810 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of S&T Bancorp by 5.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,756 shares of the financial services provider's stock valued at $843,000 after buying an additional 1,086 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of S&T Bancorp by 7.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 104,837 shares of the financial services provider's stock valued at $3,884,000 after buying an additional 7,286 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in S&T Bancorp during the first quarter worth $4,211,000. Institutional investors and hedge funds own 65.22% of the company's stock.

Insider Buying and Selling at S&T Bancorp

In other news, Director William J. Hieb sold 11,979 shares of the company's stock in a transaction 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 sale, the director directly owned 17,344 shares in the company, valued at $890,440.96. This 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 through the SEC website. 1.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

STBA has been the topic of several research analyst reports. Piper Sandler boosted 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. Zacks Research upgraded shares of S&T Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods boosted their price objective on shares of S&T Bancorp from $49.00 to $52.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of S&T Bancorp in a research report on Friday, July 24th. Finally, DA Davidson increased their target price on shares of S&T Bancorp from $47.00 to $53.00 and gave the company a "neutral" rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.60.

S&T Bancorp Stock Performance

Shares of STBA opened at $49.79 on Friday. 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 cap of $1.76 billion, a P/E ratio of 13.24 and a beta of 0.85. 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 company has a 50-day moving average of $50.27 and a two-hundred day moving average of $45.93.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share 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 business had revenue of $105.24 million during the quarter, compared to analysts' expectations of $104.43 million. As a group, research analysts predict that S&T Bancorp, Inc. will post 3.93 EPS for the current fiscal year.

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

S&T Bancorp Announces Dividend

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

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