Zacks Investment Research downgraded shares of Investors Bancorp, Inc. (NASDAQ:ISBC) from a buy rating to a hold 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. “
ISBC has been the topic of several other research reports. Barclays PLC upped their price target on Investors Bancorp from $13.00 to $14.00 and gave the stock an underweight rating in a report on Monday, October 30th. Keefe, Bruyette & Woods downgraded Investors Bancorp from an outperform rating to a market perform rating in a report on Monday, October 30th. Stephens initiated coverage on Investors Bancorp in a report on Thursday, July 13th. They set an overweight rating and a $16.00 price target on the stock. Piper Jaffray Companies restated a buy rating and set a $15.00 price target on shares of Investors Bancorp in a report on Thursday, August 3rd. Finally, BidaskClub cut Investors Bancorp from a sell rating to a strong sell rating in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Investors Bancorp currently has an average rating of Hold and a consensus target price of $15.21.
Shares of Investors Bancorp (ISBC) traded up $0.02 during midday trading on Thursday, reaching $13.21. The company’s stock had a trading volume of 2,188,300 shares, compared to its average volume of 2,539,156. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.55. Investors Bancorp has a 12 month low of $12.48 and a 12 month high of $15.11. The stock has a market cap of $4,044.34, a P/E ratio of 20.64, a price-to-earnings-growth ratio of 1.89 and a beta of 0.68.
Investors Bancorp (NASDAQ:ISBC) last issued its quarterly earnings results on Thursday, October 26th. The savings and loans company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. Investors Bancorp had a return on equity of 5.85% and a net margin of 20.55%. The company had revenue of $179.31 million for the quarter, compared to the consensus estimate of $178.16 million. During the same quarter in the prior year, the business earned $0.15 EPS. analysts anticipate that Investors Bancorp will post 0.58 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be given a dividend of $0.09 per share. This is a boost from Investors Bancorp’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, November 9th. Investors Bancorp’s dividend payout ratio is currently 56.25%.
In other news, Director Brian D. Dittenhafer sold 22,500 shares of the company’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $13.05, for a total transaction of $293,625.00. Following the completion of the transaction, the director now directly owns 350,388 shares of the company’s stock, valued at approximately $4,572,563.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert M. Cashill sold 25,000 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was 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 of the company’s stock, valued at $9,900,278.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,000 shares of company stock valued at $788,100. Insiders own 2.96% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Alps Advisors Inc. boosted its position in shares of Investors Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 33,024 shares of the savings and loans company’s stock valued at $441,000 after purchasing an additional 85 shares during the period. HighTower Advisors LLC boosted its position in shares of Investors Bancorp by 1.7% in the 2nd quarter. HighTower Advisors LLC now owns 19,753 shares of the savings and loans company’s stock valued at $261,000 after purchasing an additional 329 shares during the period. Prudential Financial Inc. boosted its position in shares of Investors Bancorp by 1.2% in the 2nd quarter. Prudential Financial Inc. now owns 30,281 shares of the savings and loans company’s stock valued at $405,000 after purchasing an additional 370 shares during the period. US Bancorp DE boosted its position in shares of Investors Bancorp by 2.7% in the 2nd quarter. US Bancorp DE now owns 14,077 shares of the savings and loans company’s stock valued at $189,000 after purchasing an additional 374 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Investors Bancorp by 6.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,667 shares of the savings and loans company’s stock valued at $156,000 after purchasing an additional 739 shares during the period. 73.11% of the stock is owned by hedge funds and other institutional investors.
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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