Investors Bancorp, Inc. (ISBC) Lowered to “Market Perform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered shares of Investors Bancorp, Inc. (NASDAQ:ISBC) from an outperform rating to a market perform rating in a research note published on Monday, Marketbeat.com reports.

Several other research analysts have also issued reports on the company. Zacks Investment Research lowered Investors Bancorp from a hold rating to a sell rating in a research report on Monday, September 18th. Piper Jaffray Companies reaffirmed a buy rating and set a $15.00 target price on shares of Investors Bancorp in a research report on Thursday, August 3rd. Stephens set a $16.00 target price on Investors Bancorp and gave the company a buy rating in a research report on Friday, July 28th. BidaskClub lowered Investors Bancorp from a sell rating to a strong sell rating in a research report on Monday, July 24th. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $16.00 target price on shares of Investors Bancorp in a research report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $15.25.

Investors Bancorp (NASDAQ:ISBC) last announced its earnings results on Thursday, October 26th. The savings and loans company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.03. Investors Bancorp had a return on equity of 5.85% and a net margin of 20.55%. The company had revenue of $179.31 million for the quarter, compared to analyst estimates of $178.16 million. During the same period in the prior year, the company posted $0.15 EPS.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be issued a $0.09 dividend. The ex-dividend date is Thursday, November 9th. This is a positive change from Investors Bancorp’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.62%. Investors Bancorp’s dividend payout ratio is currently 50.00%.

In other news, Director Robert M. Cashill sold 25,000 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $13.08, for a total value of $327,000.00. Following the transaction, the director now directly owns 756,902 shares of the company’s stock, valued at $9,900,278.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian D. Dittenhafer sold 22,500 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $13.05, for a total value of $293,625.00. Following the completion of the transaction, the director now directly owns 350,388 shares in the company, valued at $4,572,563.40. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock worth $788,100 over the last three months. Corporate insiders own 2.96% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Legato Capital Management LLC grew its holdings in Investors Bancorp by 36.0% during the third quarter. Legato Capital Management LLC now owns 149,036 shares of the savings and loans company’s stock worth $2,033,000 after acquiring an additional 39,435 shares during the period. Canada Pension Plan Investment Board grew its holdings in Investors Bancorp by 278.4% during the third quarter. Canada Pension Plan Investment Board now owns 28,000 shares of the savings and loans company’s stock worth $382,000 after acquiring an additional 20,600 shares during the period. Independent Investors Inc. acquired a new stake in Investors Bancorp during the third quarter worth about $697,000. Quantitative Systematic Strategies LLC grew its holdings in Investors Bancorp by 360.4% during the third quarter. Quantitative Systematic Strategies LLC now owns 194,686 shares of the savings and loans company’s stock worth $2,656,000 after acquiring an additional 152,404 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Investors Bancorp during the second quarter worth about $193,000. 73.81% of the stock is currently owned by hedge funds and other institutional investors.

About Investors Bancorp

Investors Bancorp, Inc is a holding company for Investors Bank (the Bank). The Bank is a chartered savings bank. The Company is in the business of attracting deposits from the public through its branch network and borrowing funds in the wholesale markets to originate loans and to invest in securities.

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