S&T Bancorp, Inc. (NASDAQ:STBA) Stake Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of S&T Bancorp, Inc. (NASDAQ:STBA) by 5.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 194,668 shares of the financial services provider’s stock after selling 11,702 shares during the period. Principal Financial Group Inc. owned about 0.51% of S&T Bancorp worth $8,170,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC lifted its holdings in shares of S&T Bancorp by 4,095.0% during the 3rd quarter. International Assets Investment Management LLC now owns 839 shares of the financial services provider’s stock valued at $35,000 after buying an additional 819 shares during the last quarter. GAMMA Investing LLC boosted its holdings in S&T Bancorp by 80.8% during the third quarter. GAMMA Investing LLC now owns 1,177 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 526 shares during the period. Innealta Capital LLC bought a new stake in shares of S&T Bancorp in the second quarter valued at approximately $53,000. EntryPoint Capital LLC grew its position in S&T Bancorp by 188.0% in the 1st quarter. EntryPoint Capital LLC now owns 2,854 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 1,863 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in S&T Bancorp during the first quarter valued at about $152,000. 65.22% of the stock is owned by institutional investors and hedge funds.

S&T Bancorp Stock Performance

S&T Bancorp stock opened at $42.02 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.08. The stock has a 50-day simple moving average of $40.81 and a 200 day simple moving average of $37.88. S&T Bancorp, Inc. has a 12-month low of $27.43 and a 12-month high of $45.79. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 11.97 and a beta of 0.80.

S&T Bancorp (NASDAQ:STBA) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.03. The business had revenue of $96.35 million for the quarter, compared to analyst estimates of $98.90 million. S&T Bancorp had a return on equity of 10.25% and a net margin of 23.69%. On average, research analysts anticipate that S&T Bancorp, Inc. will post 3.36 earnings per share for the current fiscal year.

S&T Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.34 per share. This is a boost from S&T Bancorp’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, November 7th. This represents a $1.36 annualized dividend and a dividend yield of 3.24%. S&T Bancorp’s payout ratio is presently 38.75%.

Insider Activity at S&T Bancorp

In other S&T Bancorp news, Director Frank J. Palermo, Jr. sold 4,982 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $43.21, for a total value of $215,272.22. Following the completion of the sale, the director now directly owns 23,143 shares in the company, valued at $1,000,009.03. This represents a 17.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised S&T Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 24th.

About S&T Bancorp

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