Piper Sandler Initiates Coverage on S&T Bancorp (NASDAQ:STBA)

Investment analysts at Piper Sandler assumed coverage on shares of S&T Bancorp (NASDAQ:STBA) in a research report issued on Friday, Marketbeat reports. The brokerage set a “neutral” rating and a $42.00 price target on the financial services provider’s stock. Piper Sandler’s target price indicates a potential upside of 7.36% from the stock’s previous close.

Several other equities analysts have also recently weighed in on STBA. Hovde Group began coverage on shares of S&T Bancorp in a research note on Friday, June 27th. They issued a “market perform” rating and a $41.00 target price for the company. Keefe, Bruyette & Woods cut their price target on S&T Bancorp from $44.00 to $43.00 and set a “market perform” rating for the company in a report on Monday, April 28th. Finally, Wall Street Zen downgraded S&T Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 12th.

S&T Bancorp Price Performance

Shares of STBA opened at $39.12 on Friday. The stock has a market capitalization of $1.50 billion, a P/E ratio of 11.27 and a beta of 0.89. S&T Bancorp has a twelve month low of $30.84 and a twelve month high of $45.79. The company has a 50 day moving average of $37.79 and a 200-day moving average of $37.58. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.07.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.13. S&T Bancorp had a net margin of 23.84% and a return on equity of 9.71%. The company had revenue of $93.75 million during the quarter, compared to analysts’ expectations of $96.40 million. As a group, equities research analysts forecast that S&T Bancorp will post 3.05 EPS for the current fiscal year.

Institutional Investors Weigh In On S&T Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of S&T Bancorp by 41.9% during the first quarter. GAMMA Investing LLC now owns 1,762 shares of the financial services provider’s stock worth $65,000 after buying an additional 520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of S&T Bancorp by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,179 shares of the financial services provider’s stock worth $1,159,000 after buying an additional 3,489 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of S&T Bancorp by 0.8% during the first quarter. New York State Teachers Retirement System now owns 63,077 shares of the financial services provider’s stock worth $2,337,000 after buying an additional 497 shares in the last quarter. Citadel Advisors LLC lifted its holdings in shares of S&T Bancorp by 25.5% during the fourth quarter. Citadel Advisors LLC now owns 23,700 shares of the financial services provider’s stock worth $906,000 after buying an additional 4,809 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of S&T Bancorp by 2.6% during the first quarter. Principal Financial Group Inc. now owns 206,985 shares of the financial services provider’s stock worth $7,669,000 after buying an additional 5,290 shares in the last quarter. Institutional investors and hedge funds own 65.22% of the company’s stock.

S&T Bancorp Company Profile

S&T Bancorp, Inc is a bank holding company, which engages in the provision of consumer, commercial, and small business banking services. It operates through the following segments: Commercial Real Estate, Commercial and Industrial, Commercial Construction, Business Banking, Consumer Real Estate, and Other Consumer.