Is S&T Bancorp, Inc. overvalued or undervalued?

As of 2 January 2024, S&T Bancorp, Inc. has moved from a very attractive to a fair valuation grade. The company is currently fairly valued, with a P/E ratio of 11, a Price to Book Value of 1.06, and an EV to EBIT of 8.51. In comparison to its peers, Stock Yards Bancorp, Inc. has a higher P/E ratio of 17.74, while 1st Source Corp. is rated attractive with a P/E of 11.78, indicating that S&T Bancorp is positioned competitively within its industry.
Despite the recent shift in valuation, S&T Bancorp has shown a solid return of 19.37% over the past year, outperforming the S&P 500's return of 10.26%. This performance, coupled with a dividend yield of 2.75% and a ROE of 9.41%, suggests that while the stock is fairly valued, it may still offer attractive returns compared to its peers and the broader market.