Bank of New York Mellon Corp Lowers Position in S&T Bancorp, Inc. (NASDAQ:STBA)

Bank of New York Mellon Corp lessened its stake in S&T Bancorp, Inc. (NASDAQ:STBA) by 5.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 527,634 shares of the financial services provider’s stock after selling 27,682 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.35% of S&T Bancorp worth $14,346,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Jackson Creek Investment Advisors LLC lifted its holdings in shares of S&T Bancorp by 8.2% in the second quarter. Jackson Creek Investment Advisors LLC now owns 33,693 shares of the financial services provider’s stock worth $916,000 after buying an additional 2,551 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of S&T Bancorp in the second quarter worth $252,000. Inspire Investing LLC lifted its holdings in shares of S&T Bancorp by 32.7% in the second quarter. Inspire Investing LLC now owns 11,534 shares of the financial services provider’s stock worth $314,000 after buying an additional 2,840 shares in the last quarter. EA Series Trust purchased a new position in shares of S&T Bancorp in the second quarter worth $2,870,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of S&T Bancorp by 173.1% in the second quarter. Assenagon Asset Management S.A. now owns 32,572 shares of the financial services provider’s stock worth $886,000 after buying an additional 20,646 shares in the last quarter. Hedge funds and other institutional investors own 63.42% of the company’s stock.

S&T Bancorp Trading Up 8.3 %

Shares of STBA opened at $29.18 on Wednesday. The company’s fifty day moving average is $26.96 and its 200 day moving average is $28.06. S&T Bancorp, Inc. has a fifty-two week low of $24.51 and a fifty-two week high of $38.43. The stock has a market capitalization of $1.12 billion, a PE ratio of 7.66 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.03). S&T Bancorp had a net margin of 29.04% and a return on equity of 12.21%. The firm had revenue of $135.14 million for the quarter, compared to the consensus estimate of $101.80 million. During the same quarter last year, the firm earned $0.95 EPS. Sell-side analysts expect that S&T Bancorp, Inc. will post 3.65 earnings per share for the current fiscal year.

S&T Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, November 9th will be given a dividend of $0.33 per share. This is a boost from S&T Bancorp’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, November 8th. This represents a $1.32 dividend on an annualized basis and a yield of 4.52%. S&T Bancorp’s payout ratio is 34.65%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on STBA shares. StockNews.com upgraded shares of S&T Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Stephens boosted their price target on shares of S&T Bancorp from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, July 24th.

S&T Bancorp Profile

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.