Legal & General Group Plc Invests $4.22 Million in S&T Bancorp, Inc. $STBA

Key Points

• Legal & General Group Plc acquired 86,001 shares of S&T Bancorp worth approximately $4.22 million, while 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 revenue of $105.24 million. The board also authorized a $100 million share-buyback program covering up to 5.6% of outstanding shares.
• The company pays an annualized dividend of $1.48 per share, yielding about 2.9%. Analysts maintain a “Moderate Buy” consensus with an average price target of $51.60, while an insider recently sold 11,979 shares.

Legal & General Group Plc acquired a new stake in shares of S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 86,001 shares of the financial services provider's stock, valued at approximately $4,221,000. Legal & General Group Plc owned approximately 0.24% of S&T Bancorp as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new position in S&T Bancorp in the 2nd quarter valued at approximately $735,000. Northwestern Mutual Wealth Management Co. bought a new position in S&T Bancorp during the 2nd quarter worth $74,000. De Lisle Partners LLP acquired a new position in S&T Bancorp during the 2nd quarter worth about $216,000. Ieq Capital LLC bought a new stake in shares of S&T Bancorp in the 2nd quarter valued at about $229,000. Finally, Meeder Asset Management Inc. bought a new stake in S&T Bancorp in the second quarter valued at approximately $537,000. 65.22% of the stock is currently owned by institutional investors.

Insider Buying and Selling at S&T Bancorp

In other S&T Bancorp news, Director William 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 transaction of $615,001.86. Following the completion of the sale, the director directly owned 17,344 shares in the company, valued at $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 is available through this hyperlink. Company insiders own 1.23% of the company's stock.

S&T Bancorp Stock Up 1.1%

STBA opened at $50.64 on Friday. S&T Bancorp, Inc. has a 12 month low of $34.38 and a 12 month high of $53.50. The company has a market cap of $1.79 billion, a PE ratio of 13.47 and a beta of 0.84. 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 $50.41 and a 200 day moving average of $46.14.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last announced its quarterly 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. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%.The company had revenue of $105.24 million during the quarter, compared to analysts' expectations of $104.43 million. On average, sell-side analysts expect that S&T Bancorp, Inc. will post 3.93 EPS for the current year.

S&T Bancorp announced that its board has authorized a share buyback plan on Thursday, July 23rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 5.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

S&T Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 18th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, August 18th. S&T Bancorp's dividend payout ratio (DPR) is 39.36%.

Analysts Set New Price Targets

STBA has been the topic of a number of research analyst reports. Zacks Research raised shares of S&T Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Weiss Ratings reissued a "buy (b)" rating on shares of S&T Bancorp in a research note on Friday, July 24th. DA Davidson raised their price target 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. Hovde Group reaffirmed 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. Finally, Keefe, Bruyette & Woods increased their price target on S&T Bancorp from $49.00 to $52.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. One research 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.60.

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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