Zacks Investment Research downgraded shares of Investors Bancorp, Inc. (NASDAQ:ISBC) from a hold rating to a sell rating in a research report report published on Monday morning.
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 reports. Stephens assumed coverage on shares of Investors Bancorp in a report on Thursday, July 13th. They issued an overweight rating and a $16.00 price target on the stock. Piper Jaffray Companies reaffirmed a buy rating and set a $15.00 target price on shares of Investors Bancorp in a report on Thursday, August 3rd. BidaskClub upgraded shares of Investors Bancorp from a sell rating to a hold rating in a research report on Thursday, June 15th. Finally, Royal Bank Of Canada reiterated a buy rating and set a $16.00 price target on shares of Investors Bancorp in a research report on Friday, July 7th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $15.21.
Investors Bancorp (NASDAQ:ISBC) opened at 13.41 on Monday. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 20.92 and a beta of 0.70. Investors Bancorp has a 12-month low of $11.58 and a 12-month high of $15.11. The firm’s 50-day moving average price is $13.12 and its 200 day moving average price is $13.57.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings data on Thursday, July 27th. The savings and loans company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.01). Investors Bancorp had a return on equity of 5.79% and a net margin of 20.91%. The business had revenue of $176.38 million for the quarter, compared to analyst estimates of $179.25 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. On average, equities research analysts expect that Investors Bancorp will post $0.56 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Thursday, August 10th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.39%. The ex-dividend date was Tuesday, August 8th. Investors Bancorp’s dividend payout ratio (DPR) is currently 50.79%.
In other Investors Bancorp news, Director Robert M. Cashill sold 25,000 shares of Investors Bancorp stock in a transaction 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 completion of the sale, the director now directly owns 756,902 shares of the company’s stock, valued at $9,900,278.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dennis M. Bone sold 7,500 shares of Investors Bancorp stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $13.25, for a total transaction of $99,375.00. Following the completion of the sale, the director now directly owns 172,644 shares of the company’s stock, valued at $2,287,533. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,000 shares of company stock valued at $720,000. Insiders own 2.96% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Wells Fargo & Company MN increased its position in shares of Investors Bancorp by 7.1% during the first quarter. Wells Fargo & Company MN now owns 530,233 shares of the savings and loans company’s stock worth $7,625,000 after acquiring an additional 35,081 shares in the last quarter. Comerica Bank boosted its holdings in Investors Bancorp by 1.3% during the second quarter. Comerica Bank now owns 449,377 shares of the savings and loans company’s stock worth $5,860,000 after purchasing an additional 5,864 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Investors Bancorp by 80.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 8,881,755 shares of the savings and loans company’s stock worth $118,659,000 after purchasing an additional 3,950,175 shares during the last quarter. TFS Capital LLC purchased a new position in Investors Bancorp during the first quarter worth about $164,000. Finally, Geode Capital Management LLC boosted its holdings in Investors Bancorp by 3.8% during the first quarter. Geode Capital Management LLC now owns 2,725,538 shares of the savings and loans company’s stock worth $39,193,000 after purchasing an additional 98,739 shares during the last quarter. 74.21% 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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