Zacks Investment Research Lowers Investar (ISTR) to Hold

Investar (NASDAQ:ISTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, January 9th.

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 subject of a number of other research reports. Hovde Group restated an “outperform” rating and issued a $28.00 price objective on shares of Investar in a research note on Friday, December 29th. Piper Jaffray Companies restated an “overweight” rating and issued a $26.00 price objective on shares of Investar in a research note on Thursday, October 5th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $27.00.

Investar (ISTR) opened at $24.70 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.18. Investar has a 12-month low of $18.31 and a 12-month high of $24.85. The firm has a market capitalization of $215.35, a P/E ratio of 25.20 and a beta of 0.33.

Investar (NASDAQ:ISTR) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). Investar had a return on equity of 5.88% and a net margin of 14.88%. research analysts predict that Investar will post 1.1 EPS for the current fiscal year.

In other news, EVP Ryan P. Finnan sold 3,000 shares of the stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $23.70, for a total transaction of $71,100.00. Following the transaction, the executive vice president now directly owns 15,314 shares in the company, valued at approximately $362,941.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher L. Hufft sold 2,500 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $23.15, for a total value of $57,875.00. Following the transaction, the chief financial officer now owns 23,356 shares in the company, valued at $540,691.40. The disclosure for this sale can be found here. Insiders have purchased a total of 1,032 shares of company stock worth $24,279 in the last three months. 8.83% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in ISTR. Schwab Charles Investment Management Inc. bought a new position in Investar during the 2nd quarter worth approximately $319,000. Bank of New York Mellon Corp bought a new position in Investar during the 2nd quarter worth approximately $484,000. Kennedy Capital Management Inc. grew its position in Investar by 3.2% during the 2nd quarter. Kennedy Capital Management Inc. now owns 41,696 shares of the financial services provider’s stock worth $955,000 after acquiring an additional 1,289 shares during the last quarter. Teachers Advisors LLC bought a new position in Investar during the 2nd quarter worth approximately $328,000. Finally, TIAA CREF Investment Management LLC bought a new position in Investar during the 2nd quarter worth approximately $495,000. Hedge funds and other institutional investors own 61.58% of the company’s stock.

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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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