Investors Bancorp (ISBC) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Investors Bancorp (NASDAQ:ISBC) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The brokerage currently has $15.00 target price on the savings and loans company’s stock.
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. “
Several other analysts also recently commented on the stock. Piper Jaffray Companies downgraded shares of Investors Bancorp from an overweight rating to a neutral rating and set a $15.00 price objective on the stock. in a research report on Wednesday, November 29th. Keefe, Bruyette & Woods downgraded shares of Investors Bancorp from an outperform rating to a market perform rating in a research report on Monday, October 30th. Barclays increased their price objective on shares of Investors Bancorp from $14.00 to $15.00 and gave the company an underweight rating in a research report on Tuesday, January 2nd. Sandler O’Neill downgraded shares of Investors Bancorp from a buy rating to a hold rating and set a $16.00 price objective on the stock. in a research report on Thursday, November 30th. They noted that the move was a valuation call. Finally, BidaskClub downgraded shares of Investors Bancorp from a hold rating to a sell rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $15.19.
Investors Bancorp (NASDAQ:ISBC) last announced its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Investors Bancorp had a net margin of 13.82% and a return on equity of 5.69%. The company had revenue of $182.91 million for the quarter, compared to the consensus estimate of $181.14 million. During the same period in the prior year, the firm posted $0.18 EPS. research analysts anticipate that Investors Bancorp will post 0.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.72%. The ex-dividend date is Thursday, February 8th. Investors Bancorp’s dividend payout ratio (DPR) is 83.72%.
In other Investors Bancorp news, Director Robert C. Albanese sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $13.94, for a total transaction of $69,700.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.96% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of ISBC. Citadel Advisors LLC lifted its stake in Investors Bancorp by 149.5% during the 4th quarter. Citadel Advisors LLC now owns 7,034,045 shares of the savings and loans company’s stock valued at $97,633,000 after acquiring an additional 4,214,853 shares during the period. Janus Henderson Group PLC bought a new position in Investors Bancorp during the 2nd quarter valued at about $50,349,000. Bank of Montreal Can lifted its stake in Investors Bancorp by 325.3% during the 4th quarter. Bank of Montreal Can now owns 2,585,909 shares of the savings and loans company’s stock valued at $35,892,000 after acquiring an additional 1,977,898 shares during the period. Koch Industries Inc. bought a new position in Investors Bancorp during the 2nd quarter valued at about $762,000. Finally, Thompson Siegel & Walmsley LLC bought a new position in Investors Bancorp during the 3rd quarter valued at about $10,274,000. Institutional investors and hedge funds own 77.78% of the company’s stock.
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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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