Zacks Investment Research upgraded shares of Investors Bancorp, Inc. (NASDAQ:ISBC) from a sell rating to a hold rating in a research note released on Wednesday.
According to Zacks, “Investors Bancorp, Inc. operates as the holding company for Investors Savings Bank, which provides a range of banking services in the United States. The company generates deposits and originates loans. The company operates from its corporate headquarters in Short Hills, New Jersey, and fifty-three branch offices located in Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset, Union and Warren Counties, New Jersey. The Bank is engaged 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. It originates mortgage loans secured by one-to four-family residential real estate and consumer loans, the majority of which are home equity loans and home equity lines of credit. “
Several other equities research analysts have also issued reports on ISBC. Royal Bank Of Canada reaffirmed a buy rating and set a $16.00 price target on shares of Investors Bancorp in a report on Friday, July 7th. Stephens started coverage on shares of Investors Bancorp in a report on Thursday, July 13th. They set an overweight rating and a $16.00 price target on the stock. BidaskClub lowered shares of Investors Bancorp from a sell rating to a strong sell rating in a report on Monday, July 24th. Piper Jaffray Companies reaffirmed a buy rating and set a $15.00 price target on shares of Investors Bancorp in a report on Thursday, August 3rd. Finally, Keefe, Bruyette & Woods lowered shares of Investors Bancorp from an outperform rating to a market perform rating in a report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Investors Bancorp currently has an average rating of Hold and an average price target of $15.25.
Shares of Investors Bancorp (NASDAQ:ISBC) opened at $13.77 on Wednesday. The stock has a market cap of $4,210.00, a P/E ratio of 21.52, a P/E/G ratio of 2.03 and a beta of 0.52. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.55. Investors Bancorp has a 1-year low of $12.12 and a 1-year high of $15.11.
Investors Bancorp (NASDAQ:ISBC) last announced its quarterly earnings results on Thursday, October 26th. The savings and loans company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $179.31 million for the quarter, compared to analyst estimates of $178.16 million. Investors Bancorp had a net margin of 20.55% and a return on equity of 5.85%. During the same period in the previous year, the firm posted $0.15 EPS. research analysts anticipate that Investors Bancorp will post 0.58 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, November 9th. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 2.61%. Investors Bancorp’s dividend payout ratio (DPR) is currently 50.79%.
In related news, Director Brian D. Dittenhafer sold 22,500 shares of Investors Bancorp stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $13.05, for a total transaction of $293,625.00. Following the sale, the director now directly owns 350,388 shares in the company, valued at approximately $4,572,563.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert C. Albanese sold 5,000 shares of Investors Bancorp stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $13.62, for a total transaction of $68,100.00. Following the sale, the director now owns 157,188 shares in the company, valued at $2,140,900.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,000 shares of company stock worth $788,100. 2.96% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of ISBC. BlackRock Inc. boosted its position in Investors Bancorp by 24,033.7% during the 1st quarter. BlackRock Inc. now owns 19,801,226 shares of the savings and loans company’s stock worth $284,740,000 after buying an additional 19,719,178 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in Investors Bancorp by 80.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 8,881,755 shares of the savings and loans company’s stock worth $118,659,000 after buying an additional 3,950,175 shares during the period. Janus Henderson Group PLC acquired a new stake in Investors Bancorp during the 2nd quarter worth approximately $50,349,000. Koch Industries Inc. acquired a new stake in Investors Bancorp during the 2nd quarter worth approximately $762,000. Finally, Citadel Advisors LLC acquired a new position in shares of Investors Bancorp in the 2nd quarter worth approximately $9,869,000. Institutional investors and hedge funds own 73.81% of the company’s stock.
Investors Bancorp Company Profile
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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