Investors Bancorp, Inc. (NASDAQ:ISBC) Upgraded to Hold at Zacks Investment Research

Investors Bancorp, Inc. (NASDAQ:ISBC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, September 12th.

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. “

Other research analysts have also recently issued reports about the company. BidaskClub cut Investors Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Royal Bank Of Canada reissued a “buy” rating and issued a $16.00 target price on shares of Investors Bancorp in a research note on Friday, July 7th. Piper Jaffray Companies reissued a “buy” rating and issued a $15.00 target price on shares of Investors Bancorp in a research note on Thursday, August 3rd. Finally, Stephens set a $16.00 target price on Investors Bancorp and gave the company a “buy” rating in a research note on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Investors Bancorp currently has an average rating of “Hold” and a consensus price target of $15.21.

Shares of Investors Bancorp (NASDAQ:ISBC) opened at 13.64 on Tuesday. Investors Bancorp has a 12-month low of $11.58 and a 12-month high of $15.11. The firm has a market cap of $4.04 billion, a PE ratio of 21.28 and a beta of 0.70. The firm’s 50-day moving average is $13.13 and its 200-day moving average is $13.56.

Investors Bancorp (NASDAQ:ISBC) last released its quarterly earnings data on Thursday, July 27th. The savings and loans company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Investors Bancorp had a net margin of 20.91% and a return on equity of 5.79%. The company had revenue of $176.38 million during the quarter, compared to the consensus estimate of $179.25 million. During the same quarter in the prior year, the company posted $0.15 EPS. Equities analysts expect that Investors Bancorp will post $0.56 earnings per share for the current fiscal year.

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In other news, 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 transaction of $327,000.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Dennis M. Bone sold 7,500 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $13.25, for a total value of $99,375.00. Following the transaction, 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. Insiders have sold 55,000 shares of company stock valued at $720,000 over the last ninety days. 2.96% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. World Asset Management Inc raised its holdings in Investors Bancorp by 0.7% during the first quarter. World Asset Management Inc now owns 10,909 shares of the savings and loans company’s stock worth $157,000 after acquiring an additional 72 shares in the last quarter. Alps Advisors Inc. raised its holdings in Investors Bancorp by 0.3% during the second quarter. Alps Advisors Inc. now owns 33,024 shares of the savings and loans company’s stock worth $441,000 after acquiring an additional 85 shares in the last quarter. HighTower Advisors LLC raised its holdings in Investors Bancorp by 1.7% during the second quarter. HighTower Advisors LLC now owns 19,753 shares of the savings and loans company’s stock worth $261,000 after acquiring an additional 329 shares in the last quarter. Prudential Financial Inc. raised its holdings in Investors Bancorp by 1.2% during the second quarter. Prudential Financial Inc. now owns 30,281 shares of the savings and loans company’s stock worth $405,000 after acquiring an additional 370 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Investors Bancorp by 2.7% during the second quarter. US Bancorp DE now owns 14,077 shares of the savings and loans company’s stock worth $189,000 after acquiring an additional 374 shares in the last quarter. Institutional investors and hedge funds own 74.21% of the company’s stock.

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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Analyst Recommendations for Investors Bancorp (NASDAQ:ISBC)




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