Investar (NASDAQ:ISTR) Downgraded by Zacks Investment Research to Hold

Investar (NASDAQ:ISTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, January 3rd.

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. “

Several other brokerages have also recently commented on ISTR. Hovde Group reiterated an “outperform” rating and set a $28.00 target price on shares of Investar in a research report 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 report on Thursday, October 5th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $27.00.

Investar (NASDAQ ISTR) traded up $0.05 during mid-day trading on Wednesday, reaching $24.70. 12,996 shares of the company traded hands, compared to its average volume of 15,475. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.18. Investar has a 1 year low of $18.31 and a 1 year high of $24.85. The company has a market cap of $215.35, a PE ratio of 25.20 and a beta of 0.30.

In other Investar news, 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 directly owns 23,356 shares of the company’s stock, valued at approximately $540,691.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ryan P. Finnan sold 3,000 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $23.70, for a total transaction of $71,100.00. Following the completion of 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. Over the last 90 days, insiders have bought 1,032 shares of company stock valued at $24,279. Company insiders own 8.83% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Penn Capital Management Co. Inc. increased its holdings in shares of Investar by 1.1% during the second quarter. Penn Capital Management Co. Inc. now owns 52,661 shares of the financial services provider’s stock worth $1,206,000 after purchasing an additional 561 shares during the period. Kennedy Capital Management Inc. boosted its position in shares of 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 in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Investar by 19.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 25,231 shares of the financial services provider’s stock worth $608,000 after acquiring an additional 4,093 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Investar by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 277,190 shares of the financial services provider’s stock worth $6,070,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Nationwide Fund Advisors acquired a new stake in shares of Investar during the 2nd quarter worth approximately $104,000. 61.58% of the stock is currently owned by hedge funds and other institutional investors.

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About Investar

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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