S&T Bancorp (NASDAQ:STBA) Shares Gap Down to $30.07

S&T Bancorp, Inc. (NASDAQ:STBA) shares gapped down before the market opened on Thursday . The stock had previously closed at $30.07, but opened at $28.88. S&T Bancorp shares last traded at $28.67, with a volume of 123 shares changing hands.

A number of analysts have recently issued reports on the company. Zacks Investment Research downgraded S&T Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, June 25th. Keefe, Bruyette & Woods assumed coverage on S&T Bancorp in a research report on Monday, July 12th. They set a “market perform” rating and a $30.82 price target for the company. Finally, TheStreet upgraded S&T Bancorp from a “c+” rating to a “b” rating in a research report on Tuesday, May 11th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $32.61.

The company has a debt-to-equity ratio of 0.07, a current ratio of 0.98 and a quick ratio of 0.97. The firm has a market capitalization of $1.13 billion, a PE ratio of 29.77 and a beta of 0.70. The company’s 50 day moving average is $32.32.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings results on Wednesday, April 21st. The financial services provider reported $0.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.13. The company had revenue of $87.90 million for the quarter, compared to analysts’ expectations of $84.99 million. S&T Bancorp had a return on equity of 7.48% and a net margin of 10.67%. Analysts forecast that S&T Bancorp, Inc. will post 2.49 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 19th. Investors of record on Thursday, August 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, August 4th. This represents a $1.12 annualized dividend and a yield of 3.90%. S&T Bancorp’s payout ratio is 62.92%.

In other S&T Bancorp news, Director James Thomas Gibson sold 49,027 shares of the stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $34.00, for a total value of $1,666,918.00. Following the transaction, the director now owns 131,737 shares of the company’s stock, valued at $4,479,058. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.18% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of STBA. Norges Bank purchased a new stake in S&T Bancorp in the fourth quarter worth about $12,145,000. Goldman Sachs Group Inc. grew its position in shares of S&T Bancorp by 186.7% during the first quarter. Goldman Sachs Group Inc. now owns 296,638 shares of the financial services provider’s stock worth $9,937,000 after purchasing an additional 193,176 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of S&T Bancorp by 213.3% during the first quarter. JPMorgan Chase & Co. now owns 242,957 shares of the financial services provider’s stock worth $8,140,000 after purchasing an additional 165,414 shares in the last quarter. Geode Capital Management LLC grew its position in shares of S&T Bancorp by 9.2% during the first quarter. Geode Capital Management LLC now owns 650,911 shares of the financial services provider’s stock worth $21,805,000 after purchasing an additional 54,759 shares in the last quarter. Finally, FormulaFolio Investments LLC purchased a new stake in shares of S&T Bancorp during the fourth quarter worth about $1,305,000. Institutional investors and hedge funds own 59.30% of the company’s stock.

About S&T Bancorp (NASDAQ:STBA)

S&T Bancorp, Inc operates as the bank holding company for S&T Bank that provides retail and commercial banking products and services. The company operates through six segments: Commercial Real Estate, Commercial and Industrial, Business banking, Commercial Construction, Consumer Real Estate, and Other Consumer.

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