Investors Bancorp, Inc. (ISBC) Stock Rating Upgraded by Zacks Investment Research
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 Tuesday.
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. “
ISBC has been the topic of a number of other reports. BidaskClub upgraded Investors Bancorp from a sell rating to a hold rating in a research report on Thursday, June 15th. Piper Jaffray Companies restated a buy rating and set a $15.00 price objective on shares of Investors Bancorp in a research report on Thursday, August 3rd. Stephens set a $16.00 price objective on Investors Bancorp and gave the company a buy rating in a research report on Friday, July 28th. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $16.00 target price on shares of Investors Bancorp in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Investors Bancorp has an average rating of Hold and a consensus price target of $15.21.
Investors Bancorp (ISBC) opened at 13.29 on Tuesday. The company’s 50-day moving average price is $13.11 and its 200 day moving average price is $13.60. Investors Bancorp has a 52-week low of $11.58 and a 52-week high of $15.11. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 20.73 and a beta of 0.70.
Investors Bancorp (NASDAQ:ISBC) last issued its quarterly earnings data on Thursday, July 27th. The savings and loans company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Investors Bancorp had a net margin of 20.91% and a return on equity of 5.79%. The company had revenue of $176.38 million for the quarter, compared to analysts’ expectations of $179.25 million. During the same quarter last year, the company earned $0.15 earnings per share. On average, equities analysts expect that Investors Bancorp will post $0.56 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Thursday, August 10th were paid a dividend of $0.08 per share. The ex-dividend date was Tuesday, August 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.41%. Investors Bancorp’s dividend payout ratio is 50.79%.
In other news, Director Dennis M. Bone sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $13.25, for a total transaction of $99,375.00. Following the transaction, the director now owns 172,644 shares of the company’s stock, valued at $2,287,533. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert M. Cashill sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were 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 in the company, valued at approximately $9,900,278.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,000 shares of company stock worth $720,000. Insiders own 2.96% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ISBC. Citigroup Inc. grew its stake in shares of Investors Bancorp by 45.7% during the second quarter. Citigroup Inc. now owns 10,898 shares of the savings and loans company’s stock valued at $146,000 after buying an additional 3,417 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Investors Bancorp by 6.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,667 shares of the savings and loans company’s stock valued at $156,000 after buying an additional 739 shares during the last quarter. World Asset Management Inc grew its stake in shares of Investors Bancorp by 0.7% during the first quarter. World Asset Management Inc now owns 10,909 shares of the savings and loans company’s stock valued at $157,000 after buying an additional 72 shares during the last quarter. Gotham Asset Management LLC bought a new position in shares of Investors Bancorp during the first quarter valued at approximately $163,000. Finally, TFS Capital LLC bought a new position in shares of Investors Bancorp during the first quarter valued at approximately $164,000. 74.73% 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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