Edgestream Partners L.P. Trims Position in S&T Bancorp, Inc. $STBA

Key Points

• Edgestream Partners cut its S&T Bancorp stake by 31.8% in the first quarter, selling 23,090 shares and retaining 49,519 shares worth about $2.07 million. Institutional investors collectively own 65.22% of the company.
• S&T Bancorp exceeded quarterly expectations, reporting $1.02 in EPS versus the $0.92 consensus and revenue of $105.24 million. Its board also authorized a $100 million share repurchase plan, covering up to 5.6% of outstanding shares.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $51.60; shares recently opened at $52.15.

Edgestream Partners L.P. decreased its position in shares of S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) by 31.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,519 shares of the financial services provider's stock after selling 23,090 shares during the quarter. Edgestream Partners L.P. owned approximately 0.14% of S&T Bancorp worth $2,071,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of STBA. JPMorgan Chase & Co. raised its stake in S&T Bancorp by 37.6% during the third quarter. JPMorgan Chase & Co. now owns 51,208 shares of the financial services provider's stock worth $1,925,000 after purchasing an additional 13,988 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of S&T Bancorp in the 1st quarter valued at approximately $1,060,000. Denali Advisors LLC grew its stake in shares of S&T Bancorp by 43.3% in the 4th quarter. Denali Advisors LLC now owns 127,100 shares of the financial services provider's stock valued at $5,001,000 after buying an additional 38,400 shares during the period. Dean Capital Management increased its holdings in shares of S&T Bancorp by 30.3% during the 4th quarter. Dean Capital Management now owns 47,830 shares of the financial services provider's stock worth $1,882,000 after buying an additional 11,132 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of S&T Bancorp during the 1st quarter worth approximately $694,000. Hedge funds and other institutional investors own 65.22% of the company's stock.

S&T Bancorp Stock Performance

Shares of STBA stock opened at $52.15 on Monday. The firm's 50 day moving average price is $48.29 and its 200-day moving average price is $44.70. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.99 and a current ratio of 0.99. S&T Bancorp, Inc. has a one year low of $34.01 and a one year high of $53.50. The firm has a market cap of $1.88 billion, a P/E ratio of 13.87 and a beta of 0.84.

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

S&T Bancorp announced that its Board of Directors has authorized a share buyback plan on Thursday, July 23rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on STBA shares. Piper Sandler upped their price objective on S&T Bancorp from $51.00 to $53.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Hovde Group reissued a "market perform" rating and set a $54.00 target price (up from $47.00) on shares of S&T Bancorp in a research note on Monday, July 27th. Zacks Research upgraded S&T Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. DA Davidson upped their price target on S&T Bancorp from $47.00 to $53.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of S&T Bancorp in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.60.

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.

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