Wells Fargo & Company MN grew its stake in shares of Investors Bancorp Inc (NASDAQ:ISBC) by 121.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 440,037 shares of the savings and loans company’s stock after buying an additional 241,766 shares during the period. Wells Fargo & Company MN owned 0.16% of Investors Bancorp worth $4,907,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Advisors Preferred LLC bought a new stake in shares of Investors Bancorp during the second quarter valued at about $26,000. Great Lakes Advisors LLC increased its position in shares of Investors Bancorp by 1.2% in the second quarter. Great Lakes Advisors LLC now owns 655,607 shares of the savings and loans company’s stock worth $7,310,000 after purchasing an additional 8,083 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of Investors Bancorp by 22.1% in the second quarter. Gamco Investors INC. ET AL now owns 25,814 shares of the savings and loans company’s stock worth $288,000 after purchasing an additional 4,677 shares during the last quarter. Benin Management CORP increased its position in shares of Investors Bancorp by 15.7% in the second quarter. Benin Management CORP now owns 131,310 shares of the savings and loans company’s stock worth $1,464,000 after purchasing an additional 17,799 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Investors Bancorp by 20.8% in the second quarter. First Trust Advisors LP now owns 371,340 shares of the savings and loans company’s stock worth $4,140,000 after purchasing an additional 64,005 shares during the last quarter. Hedge funds and other institutional investors own 72.90% of the company’s stock.
Several research analysts recently weighed in on the stock. Janney Montgomery Scott upgraded shares of Investors Bancorp from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 6th. Zacks Investment Research upgraded shares of Investors Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $13.16.
Investors Bancorp (NASDAQ:ISBC) last issued its earnings results on Wednesday, July 24th. The savings and loans company reported $0.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. The business had revenue of $166.15 million during the quarter, compared to analyst estimates of $176.16 million. Investors Bancorp had a return on equity of 7.05% and a net margin of 17.85%. During the same quarter in the prior year, the firm earned $0.20 earnings per share. On average, research analysts predict that Investors Bancorp Inc will post 0.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.78%. The ex-dividend date was Thursday, August 8th. Investors Bancorp’s dividend payout ratio is currently 54.32%.
In other Investors Bancorp news, CFO P. Sean Burke sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $11.04, for a total value of $220,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert C. Albanese sold 35,302 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $11.14, for a total value of $393,264.28. The disclosure for this sale can be found here. 3.49% of the stock is owned by corporate insiders.
Investors Bancorp Profile
Investors Bancorp, Inc operates as the holding company for Investors Bank that provides various banking products and services to individuals and businesses in the United States. Its deposit products include savings, checking, and money market accounts, as well as certificates of deposit. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; consumer and other loans primarily consisting of home equity loans, home equity lines of credit, and cash surrender value lending on life insurance contracts; and one-to four-family residential mortgage loans secured by one-to four-family residential real estate.
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