First Republic Investment Management Inc. Invests $149,000 in Investors Bank (ISBC)
First Republic Investment Management Inc. acquired a new position in shares of Investors Bank (NASDAQ:ISBC) in the 1st quarter, HoldingsChannel.com reports. The fund acquired 10,919 shares of the savings and loans company’s stock, valued at approximately $149,000.
Other hedge funds also recently made changes to their positions in the company. Public Employees Retirement Association of Colorado acquired a new stake in shares of Investors Bank during the 4th quarter worth approximately $117,000. Raymond James & Associates acquired a new stake in shares of Investors Bank during the 4th quarter worth approximately $143,000. Gotham Asset Management LLC acquired a new stake in shares of Investors Bank during the 4th quarter worth approximately $145,000. Granite Springs Asset Management LLC acquired a new stake in Investors Bank in the 1st quarter valued at $152,000. Finally, Macquarie Group Ltd. acquired a new stake in Investors Bank in the 4th quarter valued at $172,000. 78.97% of the stock is owned by institutional investors.
Investors Bank opened at $13.36 on Wednesday, according to Marketbeat.com. Investors Bank has a 12-month low of $12.48 and a 12-month high of $14.69. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $4.07 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 1.46 and a beta of 0.62.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 25th. Shareholders of record on Thursday, May 10th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Wednesday, May 9th. Investors Bank’s dividend payout ratio is 58.06%.
ISBC has been the subject of several research reports. Zacks Investment Research raised shares of Investors Bank from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Wednesday, February 21st. Sandler O’Neill raised shares of Investors Bank from a “hold” rating to a “buy” rating and set a $15.50 price target for the company in a research report on Thursday, April 5th. Finally, Barclays raised shares of Investors Bank from an “underweight” rating to an “equal weight” rating and set a $14.00 price target for the company in a research report on Friday, May 4th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $15.50.
In other Investors Bank news, Director Michele N. Siekerka sold 70,606 shares of Investors Bank stock in a transaction on Tuesday, June 5th. The shares were sold at an average price of $13.50, for a total transaction of $953,181.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert C. Albanese sold 5,000 shares of Investors Bank stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $13.58, for a total transaction of $67,900.00. The disclosure for this sale can be found here. 3.51% of the stock is owned by insiders.
About Investors Bank
Investors Bancorp, Inc operates as the holding company for Investors Bank that provides various banking products and services to individuals and businesses in the United States. Its deposit products include savings, checking, and money market accounts, as well as certificates of deposit. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; consumer and other loans primarily consisting of home equity loans, home equity lines of credit, and cash surrender value lending on life insurance contracts; and one-to four-family residential mortgage loans secured by one-to four-family residential real estate.
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