HomeMarket NewsInvestar Holding Corp. Upgraded to Overweight as Selloff Creates Buying Opportunity

Investar Holding Corp. Upgraded to Overweight as Selloff Creates Buying Opportunity

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Investar Holding Corp. (NASDAQ:ISTR) experienced a 5.7% gain in Thursday morning trading following a recent correction, leading Piper Sandler analyst Graham Dick to upgrade the lender’s stock from Neutral to Overweight.

Over the past month, ISTR has dropped 17.7%, outperforming the 10.4% slide of the S&P Regional Banking ETF (KRE).

β€œThe valuation has become unreasonably depressed even considering the bank’s modest earnings outlook,” wrote Dick in a note. Despite this, the stock is currently trading at only about 58% of its tangible book value, making it an attractive risk/reward opportunity for patient investors. Dick predicts that the stock will reach at least 0.75x of its tangible book value within the next year.

Investar Holding Corp. has received an β€œA” Valuation Grade from SA’s Quant system, with top marks in price-to-earnings and price-to-sales ratios.

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