Zacks Investment Research downgraded shares of Investors Bancorp (NASDAQ:ISBC) from a buy rating to a hold rating in a research report sent to investors on Thursday, November 9th.
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 equities analysts have also issued reports about the stock. Piper Jaffray Companies restated a buy rating and set a $15.00 price target on shares of Investors Bancorp in a research report on Thursday, August 3rd. Stephens set a $16.00 target price on shares of Investors Bancorp and gave the company a buy rating in a report on Friday, July 28th. Keefe, Bruyette & Woods lowered shares of Investors Bancorp from an outperform rating to a market perform rating in a report on Monday, October 30th. BidaskClub lowered shares of Investors Bancorp from a sell rating to a strong sell rating in a report on Monday, July 24th. Finally, Barclays upped their price objective on shares of Investors Bancorp from $13.00 to $14.00 and gave the stock an underweight rating in a report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Investors Bancorp presently has a consensus rating of Hold and an average price target of $15.21.
Investors Bancorp (NASDAQ:ISBC) last released its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $179.31 million during the quarter, compared to analysts’ expectations of $178.16 million. Investors Bancorp had a net margin of 20.55% and a return on equity of 5.84%. During the same quarter in the previous year, the company earned $0.15 earnings per share. analysts forecast that Investors Bancorp will post 0.59 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were given a $0.09 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.48%. Investors Bancorp’s dividend payout ratio is currently 57.14%.
In other news, Director Dennis M. Bone sold 7,500 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $13.25, for a total value of $99,375.00. Following the completion of the sale, the director now owns 172,644 shares in the company, valued at approximately $2,287,533. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert C. Albanese sold 5,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $13.62, for a total transaction of $68,100.00. Following the completion of the transaction, the director now owns 157,188 shares of the company’s stock, valued at approximately $2,140,900.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,500 shares of company stock worth $494,475. Insiders own 2.96% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Belpointe Asset Management LLC purchased a new position in Investors Bancorp during the 3rd quarter valued at about $187,000. Cubist Systematic Strategies LLC purchased a new position in Investors Bancorp during the 3rd quarter valued at about $316,000. Beacon Investment Advisory Services Inc. grew its holdings in shares of Investors Bancorp by 118.0% during the third quarter. Beacon Investment Advisory Services Inc. now owns 730,076 shares of the savings and loans company’s stock worth $9,958,000 after buying an additional 395,181 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Investors Bancorp by 20.8% during the third quarter. Janus Henderson Group PLC now owns 4,552,071 shares of the savings and loans company’s stock worth $62,090,000 after buying an additional 783,442 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Investors Bancorp by 36.2% during the third quarter. Jane Street Group LLC now owns 44,680 shares of the savings and loans company’s stock worth $609,000 after buying an additional 11,885 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.
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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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