Investar Holding Co. (NASDAQ:ISTR) Sees Large Decrease in Short Interest

Investar Holding Co. (NASDAQ:ISTR) was the target of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 176,500 shares, a drop of 21.5% from the October 31st total of 224,700 shares. Based on an average daily volume of 35,000 shares, the days-to-cover ratio is currently 5.0 days. Approximately 2.1% of the shares of the company are sold short.

Insider Buying and Selling at Investar

In other news, Director Scott G. Ginn bought 8,475 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were bought at an average price of $23.68 per share, with a total value of $200,688.00. Following the completion of the transaction, the director now owns 8,475 shares of the company’s stock, valued at $200,688. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 8.73% of the company’s stock.

Institutional Trading of Investar

A number of hedge funds have recently added to or reduced their stakes in ISTR. Copeland Capital Management LLC acquired a new stake in shares of Investar during the 3rd quarter valued at $57,000. MetLife Investment Management LLC lifted its holdings in shares of Investar by 129.1% during the third quarter. MetLife Investment Management LLC now owns 5,429 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 3,059 shares during the period. Rhumbline Advisers grew its stake in shares of Investar by 2,810.1% in the second quarter. Rhumbline Advisers now owns 10,622 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 10,257 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Investar in the third quarter valued at $272,000. Finally, BNP Paribas Financial Markets increased its holdings in Investar by 851.5% in the third quarter. BNP Paribas Financial Markets now owns 14,320 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 12,815 shares during the period. Institutional investors and hedge funds own 50.17% of the company’s stock.

Investar Stock Performance

Shares of Investar stock remained flat at $23.82 on Monday. 35,106 shares of the stock were exchanged, compared to its average volume of 42,183. The firm’s 50 day simple moving average is $21.24 and its 200 day simple moving average is $18.32. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.95 and a current ratio of 0.95. Investar has a 12 month low of $11.36 and a 12 month high of $24.81. The stock has a market cap of $234.15 million, a price-to-earnings ratio of 13.31 and a beta of 0.76.

Investar (NASDAQ:ISTR) last posted its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.12. Investar had a return on equity of 6.94% and a net margin of 11.35%. The company had revenue of $40.39 million during the quarter, compared to analysts’ expectations of $20.07 million. On average, equities research analysts expect that Investar will post 1.64 EPS for the current fiscal year.

Investar Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were paid a $0.105 dividend. This is an increase from Investar’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, September 30th. This represents a $0.42 annualized dividend and a yield of 1.76%. Investar’s dividend payout ratio is presently 23.46%.

Analysts Set New Price Targets

Separately, StockNews.com lowered Investar from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th.

About Investar

Investar Holding Corporation operates as the bank holding company for Investar Bank that provides a range of commercial banking products to individuals, professionals, and small to medium-sized businesses in south Louisiana, southeast Texas, and Alabama in the United States. The company offers various deposit products and services, such as savings, checking, money market, and individual retirement accounts, as well as various certificates of deposit; debit and credit cards; internet, mobile, and video banking services; and reciprocal deposit products.