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

S&T Bancorp

Thu 12:39

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: ID:nPn22S2kxa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$1.09
 
Q3 Net Income
 
$38.60 mln
 
Q3 Net Interest Income
 
$93.13 mln
 
Q3 Credit Loss Provision
 
$1.41 mln
 

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.)