Investors Bancorp, Inc. (NASDAQ:ISBC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, June 29th.
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 brokerages also recently commented on ISBC. BidaskClub downgraded shares of Investors Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Deutsche Bank AG lowered their price target on shares of Investors Bancorp from $15.00 to $14.50 and set a “hold” rating for the company in a research note on Wednesday, May 3rd. Finally, Keefe, Bruyette & Woods set a $16.00 price objective on shares of Investors Bancorp and gave the company a “buy” rating in a research report on Monday, April 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $14.93.
Shares of Investors Bancorp (ISBC) traded down 0.15% on Thursday, reaching $13.00. The company’s stock had a trading volume of 1,173,994 shares. The stock has a 50-day moving average of $13.35 and a 200 day moving average of $13.94. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 19.70 and a beta of 0.71. Investors Bancorp has a 52 week low of $11.10 and a 52 week high of $15.11.
Investors Bancorp (NASDAQ:ISBC) last announced its quarterly earnings results on Thursday, April 27th. The savings and loans company reported $0.16 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.16. The business had revenue of $176.82 million for the quarter, compared to analysts’ expectations of $175.48 million. Investors Bancorp had a net margin of 21.92% and a return on equity of 5.95%. During the same quarter last year, the firm earned $0.14 EPS. On average, analysts expect that Investors Bancorp will post $0.62 EPS for the current year.
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In related news, VP Paul Kalamaras sold 120,000 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $13.59, for a total value of $1,630,800.00. Following the transaction, the vice president now owns 725,827 shares of the company’s stock, valued at approximately $9,863,988.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Doreen R. Byrnes sold 40,000 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $13.67, for a total transaction of $546,800.00. Following the transaction, the director now directly owns 169,663 shares in the company, valued at approximately $2,319,293.21. The disclosure for this sale can be found here. Company insiders own 2.96% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Investors Bancorp by 1.0% in the first quarter. Vanguard Group Inc. now owns 23,424,889 shares of the savings and loans company’s stock worth $336,850,000 after buying an additional 238,306 shares during the last quarter. BlackRock Inc. boosted its stake in Investors Bancorp by 24,033.7% in the first quarter. BlackRock Inc. now owns 19,801,226 shares of the savings and loans company’s stock worth $284,740,000 after buying an additional 19,719,178 shares during the period. State Street Corp boosted its stake in Investors Bancorp by 2.0% in the first quarter. State Street Corp now owns 12,472,387 shares of the savings and loans company’s stock worth $179,351,000 after buying an additional 246,332 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Investors Bancorp by 80.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 8,881,755 shares of the savings and loans company’s stock valued at $118,659,000 after buying an additional 3,950,175 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Investors Bancorp by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 7,804,622 shares of the savings and loans company’s stock valued at $112,229,000 after buying an additional 160,934 shares during the last quarter. 77.32% of the stock is currently owned by hedge funds and other institutional investors.
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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