Northern Trust Corp Buys New Holdings in Investar Holding Corp (ISTR)
Northern Trust Corp bought a new position in Investar Holding Corp (NASDAQ:ISTR) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 92,344 shares of the financial services provider’s stock, valued at approximately $2,114,000. Northern Trust Corp owned about 1.06% of Investar at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of ISTR. Goldman Sachs Group Inc. bought a new stake in shares of Investar in the first quarter worth about $835,000. Renaissance Technologies LLC bought a new stake in shares of Investar in the first quarter worth about $684,000. TIAA CREF Investment Management LLC bought a new stake in shares of Investar in the second quarter worth about $495,000. Bank of New York Mellon Corp bought a new stake in shares of Investar in the second quarter worth about $484,000. Finally, Stieven Capital Advisors L.P. increased its holdings in shares of Investar by 18.4% in the second quarter. Stieven Capital Advisors L.P. now owns 118,400 shares of the financial services provider’s stock worth $2,711,000 after purchasing an additional 18,400 shares during the last quarter. 61.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Investar Holding Corp (NASDAQ:ISTR) opened at $23.50 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.01 and a current ratio of 1.01. Investar Holding Corp has a 52 week low of $17.90 and a 52 week high of $24.40. The firm has a market capitalization of $204.89, a P/E ratio of 22.38 and a beta of 0.33.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Shareholders of record on Wednesday, October 4th were paid a dividend of $0.03 per share. This is a boost from Investar’s previous quarterly dividend of $0.02. This represents a $0.12 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Tuesday, October 3rd. Investar’s payout ratio is presently 12.25%.
In other Investar news, CFO Christopher L. Hufft sold 2,500 shares of the business’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 sale, 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 at this hyperlink. Insiders have acquired 1,045 shares of company stock worth $24,282 over the last three months. 8.83% of the stock is currently owned by insiders.
ISTR has been the topic of several research reports. UBS cut Investar from an “outperform” rating to a “market perform” rating in a report on Thursday, August 10th. Raymond James Financial reissued a “market perform” rating on shares of Investar in a research note on Thursday, August 10th. Zacks Investment Research raised Investar from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Friday, August 11th. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $26.00 price objective on shares of Investar in a research note on Thursday, October 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Investar currently has an average rating of “Hold” and an average target price of $26.50.
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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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