Bank of New York Mellon Corp Increases Holdings in Investar Holding Corporation $ISTR

Key Points

• Bank of New York Mellon increased its Investar stake by 240.9% in the first quarter, reaching 123,244 shares valued at approximately $3.36 million. Institutional investors now own 50.17% of Investar’s outstanding stock.
• Investar reported quarterly EPS of $0.75, beating estimates by $0.04, while revenue of $36.55 million also exceeded expectations. The company raised its quarterly dividend from $0.11 to $0.12, representing a 1.6% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $31.50 price target, compared with the stock’s recent opening price of $30.06.

Bank of New York Mellon Corp boosted its stake in Investar Holding Corporation (NASDAQ:ISTR - Free Report) by 240.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 123,244 shares of the financial services provider's stock after acquiring an additional 87,095 shares during the period. Bank of New York Mellon Corp owned 0.90% of Investar worth $3,361,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in the company. Fourthstone LLC raised its position in shares of Investar by 148.7% in the fourth quarter. Fourthstone LLC now owns 695,992 shares of the financial services provider's stock valued at $18,597,000 after purchasing an additional 416,145 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Investar by 4.1% during the third quarter. Alliancebernstein L.P. now owns 431,281 shares of the financial services provider's stock worth $10,010,000 after purchasing an additional 17,015 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Investar by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 410,563 shares of the financial services provider's stock worth $10,970,000 after buying an additional 18,836 shares during the last quarter. Geode Capital Management LLC increased its stake in Investar by 1.2% in the second quarter. Geode Capital Management LLC now owns 230,560 shares of the financial services provider's stock valued at $4,455,000 after acquiring an additional 2,639 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Investar by 0.6% during the 2nd quarter. Bridgeway Capital Management LLC now owns 139,156 shares of the financial services provider's stock valued at $2,688,000 after buying an additional 763 shares in the last quarter. 50.17% of the stock is currently owned by institutional investors.

Investar Trading Down 0.2%

NASDAQ:ISTR opened at $30.06 on Friday. The company has a market cap of $414.53 million, a PE ratio of 12.37 and a beta of 0.45. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.40. The company has a 50 day simple moving average of $29.58 and a two-hundred day simple moving average of $28.68. Investar Holding Corporation has a 12 month low of $21.35 and a 12 month high of $31.77.

Investar (NASDAQ:ISTR - Get Free Report) last issued its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.71 by $0.04. Investar had a return on equity of 12.44% and a net margin of 17.55%.The company had revenue of $36.55 million during the quarter, compared to analyst estimates of $36.35 million. Research analysts forecast that Investar Holding Corporation will post 3.15 earnings per share for the current year.

Investar Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This is a positive change from Investar's previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.6%. Investar's payout ratio is 19.75%.

Analysts Set New Price Targets

ISTR has been the subject of several recent research reports. Piper Sandler reissued a "neutral" rating and issued a $31.50 price target on shares of Investar in a research note on Thursday, April 23rd. Wall Street Zen upgraded shares of Investar from a "hold" rating to a "buy" rating in a report on Sunday, May 24th. Weiss Ratings raised Investar from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Finally, Zacks Research raised shares of Investar from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $31.50.

Investar Profile

Investar Holdings, Inc is a bank holding company headquartered in Baton Rouge, Louisiana, operating through its primary subsidiary, Investar Bank. The company delivers commercial and consumer banking products across southeastern Louisiana and into select Texas markets, focusing on relationship-driven service. Investar Bank's offerings include deposit accounts, lending solutions, online and mobile banking, and treasury management services.

Its lending portfolio encompasses commercial real estate financing, construction and development loans, commercial and industrial credits, agricultural loans, and residential mortgage originations.

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