US bank Investar gains after disclosing $3.4 million recovery
ReutersMar 21, 2025 6:15 PM
Shares of Investar Holding ISTR.O rise 5.5% to $18.33
Community bank has received $3.4 million as property insurance settlement tied to a late 2021 credit incident related to Hurricane Ida, it disclosed late Thursday
Hovde Group reiterates "outperform" rating on ISTR and estimates a $2.6 million benefit to the bank's net income in Q1 2025 via the recovery
Brokerage says it is encouraged by the management's ability to recoup losses related to the incident
Adds its thesis on ISTR shares as a deeply discounted stock with solid profitability growth prospects remains intact
Two of three brokerages rate the stock "buy" or higher and one "hold"; median PT is $23.50 - data compiled by LSEG
ISTR shares down 18% YTD
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