S&T Bancorp (NASDAQ:STBA) Director William Hieb Sells 5,310 Shares

Key Points

• Director William Hieb sold 5,310 S&T Bancorp shares at an average price of $51.24, generating $272,084.40 and reducing his ownership by 15.33% to 29,323 shares.
• S&T Bancorp reported quarterly earnings of $1.02 per share, beating estimates by $0.10, while revenue of $105.24 million also exceeded expectations. The company approved a $100 million share-repurchase plan covering up to 5.6% of outstanding shares.
• The bank declared a quarterly dividend of $0.37 per share, equivalent to an annualized $1.48 dividend and a 2.9% yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $51.60.

S&T Bancorp, Inc. (NASDAQ:STBA - Get Free Report) Director William Hieb sold 5,310 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $51.24, for a total transaction of $272,084.40. Following the completion of the sale, the director owned 29,323 shares of the company's stock, valued at $1,502,510.52. This represents a 15.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

S&T Bancorp Stock Performance

NASDAQ STBA traded up $0.09 during trading on Thursday, hitting $51.56. The company's stock had a trading volume of 223,949 shares, compared to its average volume of 253,449. The firm has a market cap of $1.82 billion, a P/E ratio of 13.71 and a beta of 0.85. S&T Bancorp, Inc. has a 52 week low of $34.38 and a 52 week high of $53.50. The firm has a 50 day moving average price of $49.39 and a 200 day moving average price of $45.31. 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 (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 for the quarter, topping the consensus estimate of $0.92 by $0.10. The company had revenue of $105.24 million for the quarter, compared to analyst estimates of $104.43 million. S&T Bancorp had a return on equity of 9.74% and a net margin of 24.51%. Equities research analysts forecast 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 approved a stock repurchase plan on Thursday, July 23rd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 5.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

S&T Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 18th will be given a dividend of $0.37 per share. The ex-dividend date is Tuesday, August 18th. This represents a $1.48 annualized dividend and a dividend yield of 2.9%. S&T Bancorp's payout ratio is currently 39.36%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of S&T Bancorp in a research note on Friday, July 24th. Piper Sandler boosted their price objective 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. Zacks Research raised shares of S&T Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Hovde Group reissued a "market perform" rating and set a $54.00 price target (up from $47.00) on shares of S&T Bancorp in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of S&T Bancorp from $49.00 to $52.00 and gave the company 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 assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, S&T Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $51.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Costello Asset Management INC bought a new position in shares of S&T Bancorp during the fourth quarter worth about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in S&T Bancorp in the 2nd quarter valued at approximately $37,000. EverSource Wealth Advisors LLC boosted its position in S&T Bancorp by 5,223.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 905 shares of the financial services provider's stock worth $34,000 after acquiring an additional 888 shares during the last quarter. Torren Management LLC acquired a new position in S&T Bancorp during the 4th quarter worth approximately $37,000. Finally, Smithfield Trust Co bought a new position in shares of S&T Bancorp during the 4th quarter worth approximately $40,000. 65.22% of the stock is owned by institutional investors and hedge funds.

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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