Investors Bancorp Inc. (ISBC) Downgraded by Zacks Investment Research
Investors Bancorp Inc. (NASDAQ:ISBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
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. “
Separately, Piper Jaffray Cos. raised shares of Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 price objective on the stock in a report on Friday, August 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $12.70.
Investors Bancorp (NASDAQ:ISBC) traded down 1.42% during trading on Thursday, hitting $11.78. 6,012,968 shares of the company traded hands. Investors Bancorp has a 12-month low of $10.67 and a 12-month high of $13.13. The stock has a 50 day moving average price of $11.97 and a 200 day moving average price of $11.61. The company has a market capitalization of $3.54 billion, a P/E ratio of 20.31 and a beta of 0.70.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. Investors Bancorp had a net margin of 22.58% and a return on equity of 5.44%. During the same period in the prior year, the company posted $0.14 earnings per share. On average, equities analysts anticipate that Investors Bancorp will post $0.59 earnings per share for the current year.
In other Investors Bancorp news, Director Doreen R. Byrnes sold 40,000 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $11.71, for a total value of $468,400.00. Following the completion of the transaction, the director now owns 221,263 shares in the company, valued at $2,590,989.73. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Kalamaras sold 182,000 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $11.95, for a total value of $2,174,900.00. Following the completion of the transaction, the vice president now owns 854,031 shares of the company’s stock, valued at approximately $10,205,670.45. The disclosure for this sale can be found here. Corporate insiders own 3.44% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ISBC. Vanguard Group Inc. increased its position in Investors Bancorp by 0.8% in the second quarter. Vanguard Group Inc. now owns 23,159,842 shares of the company’s stock worth $256,611,000 after buying an additional 191,100 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Investors Bancorp by 16.8% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 19,015,666 shares of the company’s stock worth $210,694,000 after buying an additional 2,740,927 shares during the period. Dimensional Fund Advisors LP increased its position in Investors Bancorp by 12.2% in the second quarter. Dimensional Fund Advisors LP now owns 7,361,530 shares of the company’s stock worth $81,564,000 after buying an additional 801,950 shares during the period. Renaissance Technologies LLC increased its position in Investors Bancorp by 20.4% in the first quarter. Renaissance Technologies LLC now owns 6,205,325 shares of the company’s stock worth $72,230,000 after buying an additional 1,053,338 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Investors Bancorp by 115.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,973,884 shares of the company’s stock worth $34,616,000 after buying an additional 1,594,359 shares during the period. Institutional investors and hedge funds own 76.67% of the company’s stock.
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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