Squarepoint Ops LLC Takes $1.84 Million Position in S&T Bancorp, Inc. $STBA

Key Points

• Squarepoint Ops LLC acquired 37,475 shares of S&T Bancorp worth approximately $1.84 million, representing about 0.11% of the company. Institutional investors collectively own 65.22% of the stock.
• S&T Bancorp exceeded quarterly earnings expectations, reporting $1.02 in 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 per share, yielding approximately 2.9% annually.

Squarepoint Ops LLC purchased a new position in S&T Bancorp, Inc. (NASDAQ:STBA - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 37,475 shares of the financial services provider's stock, valued at approximately $1,839,000. Squarepoint Ops LLC owned about 0.11% of S&T Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of STBA. Public Employees Retirement System of Ohio purchased a new stake in shares of S&T Bancorp during the second quarter valued at approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of S&T Bancorp in the 2nd quarter worth $37,000. Smithfield Trust Co bought a new stake in shares of S&T Bancorp in the 4th quarter worth $40,000. Strs Ohio bought a new stake in S&T Bancorp in the 1st quarter worth about $54,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in S&T Bancorp in the 2nd quarter worth about $74,000. Institutional investors own 65.22% of the company's stock.

Insider Activity

In other S&T Bancorp news, Director William Hieb sold 11,979 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $51.34, for a total transaction of $615,001.86. Following the transaction, the director directly owned 17,344 shares in the company, valued at $890,440.96. This trade represents a 40.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.23% of the company's stock.

Wall Street Analyst Weigh In

STBA has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on shares of S&T Bancorp from $51.00 to $53.00 and gave the company a "neutral" rating in a report on Monday, July 27th. DA Davidson increased their price target on S&T Bancorp from $47.00 to $53.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Zacks Research upgraded S&T Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Hovde Group reaffirmed a "market perform" rating and issued a $54.00 price objective (up from $47.00) on shares of S&T Bancorp in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods upped their price objective on 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. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.60.

S&T Bancorp Price Performance

Shares of S&T Bancorp stock opened at $50.56 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.05. S&T Bancorp, Inc. has a 52 week low of $34.38 and a 52 week high of $53.50. The stock's 50-day simple moving average is $50.55 and its 200-day simple moving average is $46.47. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of 13.45 and a beta of 0.84.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last issued its earnings results 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 firm had revenue of $105.24 million during the quarter, compared to analyst estimates of $104.43 million. As a group, analysts expect that S&T Bancorp, Inc. will post 3.93 earnings per share for the current fiscal year.

S&T Bancorp announced that its Board of Directors has authorized a share repurchase program on Thursday, July 23rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes 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 of directors believes its stock is undervalued.

S&T Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, August 18th. S&T Bancorp's payout ratio is currently 39.36%.

S&T Bancorp Company Profile

S&T Bancorp, Inc is the bank holding company for S&T Bank, a full-service community bank headquartered in Indiana, Pennsylvania. Founded in 1902, the company provides banking and financial services to individuals, businesses and institutions.

S&T Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, personal loans, treasury management and other financial services. Through related businesses and banking divisions, the company also provides wealth management, investment, trust and insurance services.

The company primarily serves communities throughout western Pennsylvania and eastern Ohio through a network of banking offices and digital banking channels.

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