S&T Bancorp's Q3 EPS rises to record high

Overview

• US regional bank's Q3 EPS hit record, up yr/yr, driven by net income and repurchases

• Net interest income for Q3 rose compared to prior quarter

• Company reported improved asset quality with lower nonperforming assets

Outlook

• Company did not provide specific financial guidance for future quarters or the full year in the press release

Result Drivers

• HIGHER ASSET YIELDS - Co said net interest income rose mainly due to higher yields on interest-earning assets and an extra day in the qtr

• EXPENSE CONTROL - Co said lower noninterest expense and improved efficiency ratio contributed to profitability

• IMPROVED ASSET QUALITY - Co reported lower nonperforming assets compared to prior quarter

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for S&T Bancorp Inc is $52.50, about 7.4% above its October 21 closing price of $48.86

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 19 - ServisFirst Bancshares Q3 profit jumps on loan growth, wider interest margin

• Oct 21 - Pinnacle Financial Partners Q3 adjusted profit beats estimates on loan, fee income growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)