S&T Bancorp (NASDAQ:STBA) Price Target Raised to $52.00

Key Points

• Keefe, Bruyette & Woods raised S&T Bancorp’s price target to $52 from $49 while maintaining a “market perform” rating. The broader analyst consensus remains “Hold,” with a $51.60 target price.
• S&T Bancorp exceeded quarterly expectations, reporting $1.02 in EPS versus the $0.92 consensus and revenue of $105.24 million. The company also authorized a $100 million share-repurchase program, covering up to 5.6% of outstanding shares.
• Shares rose 0.8% to $52.23, near the company’s 52-week high of $52.78. Institutional investors own approximately 65.22% of the stock.

S&T Bancorp (NASDAQ:STBA - Get Free Report) had its target price increased by Keefe, Bruyette & Woods from $49.00 to $52.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target suggests a potential downside of 0.43% from the company's previous close.

Several other analysts also recently commented on STBA. Hovde Group reiterated 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. DA Davidson lifted their price target on shares of S&T Bancorp from $47.00 to $53.00 and gave the stock a "neutral" rating in a research note on Friday. Weiss Ratings reissued a "buy (b)" rating on shares of S&T Bancorp in a report on Friday. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $53.00 price objective on shares of S&T Bancorp in a research note on Monday. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, S&T Bancorp has a consensus rating of "Hold" and a consensus target price of $51.60.

S&T Bancorp Stock Up 0.8%

Shares of STBA stock traded up $0.43 during midday trading on Monday, reaching $52.23. 71,246 shares of the stock were exchanged, compared to its average volume of 252,318. The company's 50 day moving average is $47.50 and its two-hundred day moving average is $44.25. 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 firm has a market cap of $1.88 billion, a PE ratio of 13.88 and a beta of 0.84. S&T Bancorp has a 1 year low of $34.01 and a 1 year high of $52.78.

S&T Bancorp (NASDAQ:STBA - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $1.02 earnings per share (EPS) 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 analyst estimates of $104.43 million. S&T Bancorp had a net margin of 24.51% and a return on equity of 9.74%. On average, equities research analysts predict that S&T Bancorp will post 3.8 EPS for the current year.

S&T Bancorp announced that its Board of Directors has approved a stock repurchase program on Thursday, July 23rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 5.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STBA. GAMMA Investing LLC lifted its position in shares of S&T Bancorp by 16.4% in the second quarter. GAMMA Investing LLC now owns 2,018 shares of the financial services provider's stock worth $99,000 after buying an additional 285 shares in the last quarter. Empowered Funds LLC grew its holdings in S&T Bancorp by 4.8% during the 1st quarter. Empowered Funds LLC now owns 169,814 shares of the financial services provider's stock valued at $7,103,000 after buying an additional 7,819 shares in the last quarter. Amundi grew its holdings in S&T Bancorp by 20.7% during the 1st quarter. Amundi now owns 6,549 shares of the financial services provider's stock valued at $274,000 after buying an additional 1,124 shares in the last quarter. Royal Bank of Canada increased its stake in S&T Bancorp by 5.0% in the 1st quarter. Royal Bank of Canada now owns 5,675 shares of the financial services provider's stock worth $238,000 after acquiring an additional 269 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in S&T Bancorp by 220.3% in the 1st quarter. Quantinno Capital Management LP now owns 67,325 shares of the financial services provider's stock worth $2,816,000 after acquiring an additional 46,308 shares during the last quarter. Hedge funds and other institutional investors own 65.22% of the company's stock.

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.