Zacks Investment Research Downgrades Investar (ISTR) to Hold

Zacks Investment Research cut shares of Investar (NASDAQ:ISTR) from a buy rating to a hold rating in a research note released on Tuesday.

According to Zacks, “Investar Holding Corporation is a bank holding company for Investar Bank. It offers a range of commercial and retail lending products throughout its market areas, including business loans to small to medium-sized businesses and professional concerns, as well as loans to individuals. The company accepts various deposit products, including savings, checking, money market, and NOW accounts, as well as various certificates of deposit and individual retirement accounts. It also provides cash management products and services, such as remote deposit capture, electronic statements, positive pay, ACH origination and wire transfer, investment sweep accounts, and business Internet banking, as well as debit cards and mobile banking services. Investar Holding Corporation is headquartered in Baton Rouge, Louisiana. “

ISTR has been the topic of several other research reports. BidaskClub upgraded shares of Investar from a hold rating to a buy rating in a research report on Saturday, October 6th. FIG Partners began coverage on shares of Investar in a research note on Wednesday, October 10th. They set a buy rating and a $30.00 price objective for the company. ValuEngine lowered shares of Investar from a buy rating to a hold rating in a research note on Wednesday, July 25th. Finally, Piper Jaffray Companies set a $30.00 price objective on shares of Investar and gave the stock a buy rating in a research note on Sunday, July 29th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Investar currently has a consensus rating of Buy and an average price target of $29.20.

ISTR traded up $0.56 during trading hours on Tuesday, hitting $25.84. The company’s stock had a trading volume of 100 shares, compared to its average volume of 31,185. Investar has a 12 month low of $22.53 and a 12 month high of $29.90. The stock has a market capitalization of $240.05 million, a PE ratio of 22.98 and a beta of 0.36. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.05 and a current ratio of 1.05.

Investar (NASDAQ:ISTR) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.02). Investar had a return on equity of 8.50% and a net margin of 16.88%. The business had revenue of $15.60 million during the quarter, compared to the consensus estimate of $15.65 million. As a group, research analysts forecast that Investar will post 1.61 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 31st. Shareholders of record on Monday, October 8th were paid a dividend of $0.045 per share. This represents a $0.18 annualized dividend and a yield of 0.70%. This is a positive change from Investar’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend was Thursday, October 4th. Investar’s payout ratio is presently 16.07%.

In other news, Director Andrew C. Nelson acquired 4,500 shares of the company’s stock in a transaction on Tuesday, October 30th. The stock was bought at an average cost of $25.00 per share, with a total value of $112,500.00. Following the completion of the purchase, the director now directly owns 33,232 shares of the company’s stock, valued at $830,800. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 4,785 shares of company stock valued at $119,888 over the last ninety days. 9.07% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Investar by 12.4% during the second quarter. BlackRock Inc. now owns 428,064 shares of the financial services provider’s stock worth $11,836,000 after buying an additional 47,276 shares during the period. Royce & Associates LP purchased a new position in Investar during the second quarter worth $2,732,000. Northern Trust Corp boosted its stake in Investar by 5.9% during the second quarter. Northern Trust Corp now owns 98,551 shares of the financial services provider’s stock worth $2,725,000 after buying an additional 5,510 shares during the period. Dimensional Fund Advisors LP boosted its stake in Investar by 38.9% during the second quarter. Dimensional Fund Advisors LP now owns 70,520 shares of the financial services provider’s stock worth $1,950,000 after buying an additional 19,753 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in Investar by 39.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 19,426 shares of the financial services provider’s stock worth $538,000 after buying an additional 5,526 shares during the period. 58.10% of the stock is owned by institutional investors.

Investar Company Profile

Investar Holding Corporation operates as the bank holding company for Investar Bank that provides a range of commercial banking products for individuals and small to medium-sized businesses in South Louisiana. The company offers various deposit products and services, such as savings, checking, money market, NOW, and individual retirement accounts, as well as various certificates of deposit; debit cards; and mobile banking services.

See Also: Fundamental Analysis

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