S&T Bancorp (NASDAQ:STBA) Sets New 12-Month High After Better-Than-Expected Earnings

Key Points

• S&T Bancorp shares hit a new 52-week high after the company reported better-than-expected quarterly results, with the stock trading as high as $51.25.
• The bank posted Q2 EPS of $1.02, beating analyst estimates of $0.92, while revenue of $105.24 million also came in slightly above expectations.
• S&T Bancorp also raised its quarterly dividend to $0.37 per share from $0.36 and authorized a $100 million share repurchase program, signaling confidence in cash flow and shareholder returns.

S&T Bancorp, Inc. (NASDAQ:STBA - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $51.25 and last traded at $50.7650, with a volume of 274194 shares. The stock had previously closed at $49.60.

The financial services provider reported $1.02 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. The company had revenue of $105.24 million during the quarter, compared to analyst estimates of $104.43 million. S&T Bancorp had a return on equity of 9.35% and a net margin of 23.71%.

S&T Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.37 per share. This is a boost from S&T Bancorp's previous quarterly dividend of $0.36. The ex-dividend date was Thursday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. S&T Bancorp's dividend payout ratio (DPR) is presently 41.46%.

S&T Bancorp News Roundup

Here are the key news stories impacting S&T Bancorp this week:

• Positive Sentiment: S&T Bancorp reported Q2 earnings of $1.02 per share, beating Wall Street estimates of $0.92, while revenue of $105.24 million also edged above expectations. The results suggest the bank is outperforming consensus and may be benefiting from stable operating trends. Article Title
• Positive Sentiment: The company said net income rose to $36.6 million in Q2 from $35.1 million in Q1 and $31.9 million a year earlier, reinforcing the view that profitability is improving year over year. Article Title
• Positive Sentiment: S&T Bancorp’s board authorized a new $100 million share repurchase program, a shareholder-friendly move that can support earnings per share and signal management confidence in the stock’s value. Article Title
• Neutral Sentiment: Additional coverage this morning focused on the company’s Q2 key metrics and earnings snapshot, but those reports mainly reiterated the stronger-than-expected results rather than introducing new negative developments. Article Title

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on STBA shares. Weiss Ratings restated a "buy (b)" rating on shares of S&T Bancorp in a report on Monday, April 27th. Piper Sandler boosted their price target on S&T Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $46.60.

Institutional Trading of S&T Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of S&T Bancorp by 33.5% during the third quarter. Millennium Management LLC now owns 459,153 shares of the financial services provider's stock valued at $17,260,000 after purchasing an additional 115,333 shares in the last quarter. Jane Street Group LLC bought a new stake in S&T Bancorp in the 1st quarter worth about $4,211,000. Qube Research & Technologies Ltd raised its position in S&T Bancorp by 58.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 234,645 shares of the financial services provider's stock worth $8,820,000 after buying an additional 86,125 shares during the last quarter. Global Retirement Partners LLC bought a new position in S&T Bancorp during the 4th quarter valued at about $3,052,000. Finally, State Street Corp lifted its stake in S&T Bancorp by 3.7% during the 4th quarter. State Street Corp now owns 1,723,385 shares of the financial services provider's stock valued at $67,815,000 after acquiring an additional 61,800 shares during the period. 65.22% of the stock is currently owned by institutional investors.

S&T Bancorp Stock Up 2.7%

The company's 50 day simple moving average is $47.19 and its 200-day simple moving average is $44.08. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.83 billion, a P/E ratio of 14.28 and a beta of 0.84.

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.