Piper Jaffray Companies Lowers Investors Bancorp (ISBC) to Neutral
Piper Jaffray Companies lowered shares of Investors Bancorp (NASDAQ:ISBC) from an overweight rating to a neutral rating in a report released on Wednesday morning, Marketbeat reports. The brokerage currently has $15.00 target price on the savings and loans company’s stock.
ISBC has been the topic of a number of other research reports. Zacks Investment Research raised Investors Bancorp from a sell rating to a hold rating in a research note on Wednesday, November 1st. Barclays increased their price target on Investors Bancorp from $13.00 to $14.00 and gave the company an underweight rating in a research note on Monday, October 30th. Finally, Keefe, Bruyette & Woods downgraded Investors Bancorp from an outperform rating to a market perform rating in a research note on Monday, October 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $15.31.
Investors Bancorp (NASDAQ:ISBC) traded down $0.01 during trading hours on Wednesday, reaching $14.26. The company’s stock had a trading volume of 2,740,000 shares, compared to its average volume of 2,580,000. Investors Bancorp has a 12-month low of $12.48 and a 12-month high of $15.11. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $4,370.00, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 2.02 and a beta of 0.52.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. The firm had revenue of $179.31 million for the quarter, compared to the consensus estimate of $178.16 million. Investors Bancorp had a return on equity of 5.84% and a net margin of 20.55%. During the same quarter in the prior year, the business earned $0.15 EPS. analysts forecast that Investors Bancorp will post 0.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 10th were paid a $0.09 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.52%. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.08. Investors Bancorp’s dividend payout ratio is 57.14%.
In related news, Director Robert M. Cashill sold 25,000 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $13.08, for a total transaction of $327,000.00. Following the sale, the director now owns 756,902 shares of the company’s stock, valued at approximately $9,900,278.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert C. Albanese sold 5,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $13.62, for a total value of $68,100.00. Following the sale, the director now directly owns 157,188 shares in the company, valued at approximately $2,140,900.56. The disclosure for this sale can be found here. In the last three months, insiders sold 37,500 shares of company stock worth $494,475. 2.96% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Citigroup Inc. raised its stake in Investors Bancorp by 45.7% during the 2nd quarter. Citigroup Inc. now owns 10,898 shares of the savings and loans company’s stock worth $146,000 after buying an additional 3,417 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Investors Bancorp by 6.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,667 shares of the savings and loans company’s stock worth $156,000 after buying an additional 739 shares during the period. Gotham Asset Management LLC raised its stake in Investors Bancorp by 17.1% during the 2nd quarter. Gotham Asset Management LLC now owns 13,305 shares of the savings and loans company’s stock worth $178,000 after buying an additional 1,941 shares during the period. Belpointe Asset Management LLC acquired a new stake in Investors Bancorp during the 3rd quarter worth $187,000. Finally, US Bancorp DE raised its stake in Investors Bancorp by 2.7% during the 2nd quarter. US Bancorp DE now owns 14,077 shares of the savings and loans company’s stock worth $189,000 after buying an additional 374 shares during the period. 78.64% of the stock is currently owned by institutional investors and hedge funds.
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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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