Investar Announces Stock Buybacks
BATON ROUGE – Investar Holding Corporation, the holding company for Investar Bank, announced that its board of directors has approved another 300,000 shares of the company’s common stock for repurchase under a stock repurchase program, in addition to 1,229 shares remaining under the current repurchase program. The additional shares authorized for repurchase represent approximately 3% of the company’s outstanding common stock. Recent stock buyback activity includes 325,105 shares that were repurchased by the company during the first quarter of 2020 at an average price of $20.35. Investar plans to repurchase its shares in open market transactions from time to time or through privately negotiated transactions in accordance with federal securities laws, at the company’s discretion. The repurchase program, which has no expiration date, may be suspended or terminated at any time.
“We believe that our stock is a good value, and stock buybacks are a tax-efficient way to continue to increase shareholder value and earnings per share,” stated John D’Angelo, Investar president and CEO.
Investar said the timing and amount of any share repurchases will depend on a variety of factors, including the trading price of the company’s common stock, securities laws and other regulatory restrictions, potential alternative uses for capital, and market and economic conditions.