Zacks Investment Research lowered shares of Investar (NASDAQ:ISTR) from a buy rating to a hold rating in a research note released on Tuesday morning.
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 a number of other reports. Hovde Group restated an outperform rating and set a $28.00 price target on shares of Investar in a report on Friday, December 29th. Piper Jaffray Companies restated an overweight rating and set a $26.00 price target on shares of Investar in a report on Thursday, October 5th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $27.00.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Wednesday, January 3rd will be issued a dividend of $0.0315 per share. This represents a $0.13 dividend on an annualized basis and a dividend yield of 0.51%. This is a boost from Investar’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, January 2nd. Investar’s dividend payout ratio is presently 13.27%.
In other news, CFO Christopher L. Hufft sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $23.15, for a total transaction of $57,875.00. Following the transaction, the chief financial officer now directly owns 23,356 shares of the company’s stock, valued at $540,691.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ryan P. Finnan sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $23.70, for a total value of $71,100.00. Following the transaction, the executive vice president now directly owns 15,314 shares in the company, valued at $362,941.80. The disclosure for this sale can be found here. Insiders have acquired a total of 1,032 shares of company stock worth $24,279 over the last 90 days. Company insiders own 8.83% of the company’s stock.
Several large investors have recently modified their holdings of ISTR. Schwab Charles Investment Management Inc. acquired a new position in shares of Investar during the second quarter worth approximately $319,000. Bank of New York Mellon Corp acquired a new position in shares of Investar during the second quarter worth approximately $484,000. Kennedy Capital Management Inc. raised its position in shares of Investar by 3.2% during the second quarter. Kennedy Capital Management Inc. now owns 41,696 shares of the financial services provider’s stock worth $955,000 after purchasing an additional 1,289 shares during the period. Teachers Advisors LLC acquired a new position in shares of Investar during the second quarter worth approximately $328,000. Finally, TIAA CREF Investment Management LLC acquired a new position in shares of Investar during the second quarter worth approximately $495,000. 61.58% of the stock is currently owned by institutional investors.
Investar Company Profile
Investar Holding Corporation is financial holding company that conducts its operations through, Investar Bank (the Bank), which is a commercial bank. The Company offers a range of commercial and retail lending products throughout its market areas, including business loans to small to medium-sized businesses, as well as loans to individuals.
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