Corebridge Financial Inc. Cuts Stake in S&T Bancorp, Inc. $STBA

Corebridge Financial Inc. decreased its stake in shares of S&T Bancorp, Inc. (NASDAQ:STBA) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,905 shares of the financial services provider’s stock after selling 392 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of S&T Bancorp worth $737,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of STBA. Nuveen LLC purchased a new position in S&T Bancorp during the first quarter valued at $13,151,000. Northern Trust Corp grew its position in S&T Bancorp by 21.7% in the fourth quarter. Northern Trust Corp now owns 483,413 shares of the financial services provider’s stock worth $18,476,000 after acquiring an additional 86,317 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of S&T Bancorp by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,574,596 shares of the financial services provider’s stock valued at $58,339,000 after purchasing an additional 81,469 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of S&T Bancorp by 5,156.2% in the 1st quarter. GAMMA Investing LLC now owns 65,282 shares of the financial services provider’s stock valued at $2,419,000 after purchasing an additional 64,040 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of S&T Bancorp by 519.3% during the 1st quarter. GSA Capital Partners LLP now owns 41,199 shares of the financial services provider’s stock worth $1,526,000 after purchasing an additional 34,546 shares during the period. 65.22% of the stock is owned by hedge funds and other institutional investors.

S&T Bancorp Trading Down 0.9%

NASDAQ STBA opened at $39.58 on Friday. The company has a fifty day simple moving average of $38.38 and a two-hundred day simple moving average of $37.48. The stock has a market cap of $1.52 billion, a P/E ratio of 11.61 and a beta of 0.99. S&T Bancorp, Inc. has a 12-month low of $30.84 and a 12-month high of $45.46. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07.

S&T Bancorp (NASDAQ:STBA) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $100.07 million during the quarter, compared to analysts’ expectations of $99.30 million. S&T Bancorp had a net margin of 23.39% and a return on equity of 9.32%. On average, analysts forecast that S&T Bancorp, Inc. will post 3.05 earnings per share for the current year.

S&T Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.4%. S&T Bancorp’s dividend payout ratio (DPR) is currently 39.88%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on STBA shares. Wall Street Zen raised shares of S&T Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Hovde Group initiated coverage on shares of S&T Bancorp in a report on Friday, June 27th. They set a “market perform” rating and a $41.00 price objective on the stock. Finally, Piper Sandler began coverage on S&T Bancorp in a report on Friday, July 18th. They set a “neutral” rating and a $42.00 target price for the company. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $42.00.

About S&T Bancorp

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.