S&T Bancorp price target raised to $41 from $32 at DA Davidson

DA Davidson raised the firm’s price target on S&T Bancorp to $41 from $32 and keeps a Neutral rating on the shares. The company’s Q2 earnings beat featured a “surprising” net interest margin expansion, “solid” deposit and loan growth of 4% and 3%, and strong asset quality as net charge-offs declined, the analyst tells investors in a research note. S&T’s core deposit growth allowed the payoff of brokered deposits and borrowings that, along with a securities restructuring, is driving a stable and surprisingly still-elevated net interest margins into Q3, the firm added.