Investors Bancorp, Inc. (NASDAQ:ISBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
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 a number of other reports. Deutsche Bank AG dropped their price objective on shares of Investors Bancorp from $15.00 to $14.50 and set a “hold” rating on the stock in a research note on Wednesday, May 3rd. BidaskClub upgraded shares of Investors Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Stephens initiated coverage on shares of Investors Bancorp in a research note on Thursday, July 13th. They set an “overweight” rating and a $16.00 price target on the stock. Piper Jaffray Companies reiterated a “buy” rating and set a $15.00 price target on shares of Investors Bancorp in a research note on Thursday, August 3rd. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $16.00 price target on shares of Investors Bancorp in a research note on Friday, July 7th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Investors Bancorp presently has a consensus rating of “Hold” and a consensus target price of $15.21.
Investors Bancorp (ISBC) opened at 12.89 on Tuesday. Investors Bancorp has a 1-year low of $11.58 and a 1-year high of $15.11. The stock has a 50 day moving average price of $13.15 and a 200-day moving average price of $13.76. The stock has a market capitalization of $3.81 billion, a P/E ratio of 20.11 and a beta of 0.70.
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 analysts’ consensus estimates of $0.15 by $0.01. The business had revenue of $176.38 million during the quarter, compared to analyst estimates of $179.25 million. Investors Bancorp had a net margin of 20.91% and a return on equity of 5.79%. During the same quarter in the prior year, the firm posted $0.15 earnings per share. Equities research analysts expect that Investors Bancorp will post $0.56 EPS for the current year.
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In other news, Director Brian D. Dittenhafer sold 22,500 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $13.05, for a total transaction of $293,625.00. Following the transaction, the director now directly owns 350,388 shares in the company, valued at $4,572,563.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.96% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank raised its position in shares of Investors Bancorp by 0.7% in the first quarter. Comerica Bank now owns 443,513 shares of the savings and loans company’s stock worth $6,444,000 after buying an additional 3,020 shares during the period. Wells Fargo & Company MN increased its stake in Investors Bancorp by 7.1% in 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 buying an additional 35,081 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in Investors Bancorp by 17.5% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 11,661 shares of the savings and loans company’s stock worth $168,000 after buying an additional 1,735 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in 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 worth $118,659,000 after buying an additional 3,950,175 shares in the last quarter. Finally, TFS Capital LLC bought a new stake in Investors Bancorp during the first quarter worth approximately $164,000. Institutional investors and hedge funds own 74.73% 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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