BATON ROUGE, LA—Scott G. Ginn, a director at Investar Holding Corp (NASDAQ:ISTR), has made a significant purchase of the company's common stock. According to a recent SEC filing, Ginn acquired 8,475 shares on November 22, 2024. The shares were bought at a price of $23.68 each, amounting to a total transaction value of $200,688. This acquisition brings Ginn's total holdings in the company to 8,475 shares.
Investar Holding Corp, headquartered in Baton Rouge, operates as a state commercial bank, providing financial services across Louisiana. The recent stock purchase by Ginn underscores his commitment to the company amidst the current market landscape.
In other recent news, Investar Holding Corporation has announced the appointment of Scott Ginn as a new member of its Board of Directors. The decision was made by the Board upon the recommendation of the Nominating and Governance Committee. Ginn is set to serve on the Board until the 2025 Annual Meeting of Shareholders when a successor will be elected. In addition to his board role, Ginn has been appointed to the Audit Committee, where he is recognized as an "audit committee financial expert" under the U.S. Securities and Exchange Commission rules. The company has confirmed that Ginn's appointment is not the result of any arrangements or understandings with other persons. As a non-employee director, Ginn will receive compensation in line with the company's standard arrangements for such positions. This move is part of Investar Holding's ongoing governance and oversight strengthening.
InvestingPro Insights
Scott G. Ginn's recent purchase of Investar Holding Corp (NASDAQ:ISTR) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown remarkable strength, with InvestingPro data revealing a 133.2% price total return over the past year and a 51.71% return in the last six months. This performance is further supported by an InvestingPro Tip noting that ISTR is trading near its 52-week high, with the current price at 99.27% of that peak.
Investors may find ISTR's valuation attractive, as it trades at a Price to Book ratio of 0.98, suggesting the stock could be undervalued relative to its book value. Additionally, the company's commitment to shareholder returns is evident, with an InvestingPro Tip highlighting that ISTR has raised its dividend for 10 consecutive years and maintained payments for 11 years. The current dividend yield stands at 1.76%, with a 5% dividend growth rate over the last twelve months.
While the company faces challenges, such as weak gross profit margins according to an InvestingPro Tip, it maintains a solid operating income margin of 24.22%. Analysts remain optimistic, with InvestingPro noting that two analysts have revised their earnings upwards for the upcoming period, and the company is expected to be profitable this year.
For investors seeking a deeper understanding of ISTR's potential, InvestingPro offers 11 additional tips, providing a comprehensive analysis to inform investment decisions.
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