Short Interest in Investors Bancorp Inc. (ISBC) Expands By 15.6%
Investors Bancorp Inc. (NASDAQ:ISBC) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 9,281,063 shares, a growth of 15.6% from the August 15th total of 8,029,424 shares. Based on an average trading volume of 2,868,970 shares, the days-to-cover ratio is presently 3.2 days. Currently, 3.1% of the shares of the company are sold short.
Investors Bancorp (NASDAQ:ISBC) opened at 11.98 on Thursday. Investors Bancorp has a 1-year low of $10.67 and a 1-year high of $13.13. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 20.66 and a beta of 0.79. The firm’s 50-day moving average price is $11.74 and its 200 day moving average price is $11.56.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Investors Bancorp had a return on equity of 5.44% and a net margin of 22.58%. During the same quarter last year, the business posted $0.14 EPS. On average, analysts predict that Investors Bancorp will post $0.59 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Wednesday, August 10th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Monday, August 8th. Investors Bancorp’s dividend payout ratio (DPR) is 41.38%.
A number of research analysts recently commented on the company. Zacks Investment Research upgraded Investors Bancorp from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Wednesday, June 29th. Piper Jaffray Cos. upgraded Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a research note on Friday, August 19th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $12.70.
In other news, Director Doreen R. Byrnes sold 20,000 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $12.01, for a total value of $240,200.00. Following the completion of the sale, the director now directly owns 182,088 shares of the company’s stock, valued at $2,186,876.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin Cummings sold 997,499 shares of the stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $12.11, for a total value of $12,079,712.89. Following the completion of the sale, the insider now directly owns 2,749,061 shares of the company’s stock, valued at $33,291,128.71. The disclosure for this sale can be found here. 3.44% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ISBC. Tradition Capital Management LLC bought a new position in Investors Bancorp during the second quarter valued at $110,000. Pacer Advisors Inc. acquired a new position in shares of Investors Bancorp during the second quarter valued at approximately $115,000. CHICAGO TRUST Co NA acquired a new position in shares of Investors Bancorp during the second quarter valued at approximately $127,000. Jefferies Group LLC acquired a new position in shares of Investors Bancorp during the second quarter valued at approximately $132,000. Finally, Huntington Asset Advisors Inc. acquired a new position in shares of Investors Bancorp during the first quarter valued at approximately $150,000. 76.67% of the stock is currently owned by hedge funds and other institutional investors.
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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