Investors Bancorp, Inc. (NASDAQ:ISBC) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $13.39, but opened at $13.75. Investors Bancorp shares last traded at $14.06, with a volume of 4,883,635 shares.
The savings and loans company reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.03. Investors Bancorp had a return on equity of 5.79% and a net margin of 20.91%. During the same quarter in the prior year, the business posted $0.15 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 10th will be issued a dividend of $0.09 per share. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, November 9th. This represents a $0.36 annualized dividend and a dividend yield of 2.56%. Investors Bancorp’s dividend payout ratio (DPR) is 50.79%.
Several equities research analysts recently weighed in on ISBC shares. Zacks Investment Research raised Investors Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. Piper Jaffray Companies reissued a “buy” rating and set a $15.00 price objective on shares of Investors Bancorp in a report on Thursday, August 3rd. Stephens set a $16.00 price objective on Investors Bancorp and gave the company a “buy” rating in a report on Friday, July 28th. Royal Bank Of Canada reissued a “buy” rating and set a $16.00 price objective on shares of Investors Bancorp in a report on Friday, July 7th. Finally, BidaskClub downgraded Investors Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Three 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. Investors Bancorp has an average rating of “Hold” and an average target price of $15.08.
In other Investors Bancorp news, Director Robert M. Cashill sold 25,000 shares of Investors Bancorp 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 transaction, the director now directly owns 756,902 shares of the company’s stock, valued at approximately $9,900,278.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian D. Dittenhafer sold 22,500 shares of Investors Bancorp stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $13.05, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 60,000 shares of company stock worth $788,100 over the last ninety days. Company insiders own 2.96% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Investors Bancorp by 1.0% during the 1st 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 period. BlackRock Inc. lifted its holdings in Investors Bancorp by 24,033.7% during the 1st 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 lifted its holdings in Investors Bancorp by 5.5% during the 2nd quarter. State Street Corp now owns 13,160,460 shares of the savings and loans company’s stock worth $175,828,000 after buying an additional 688,073 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in Investors Bancorp by 80.1% during the 2nd 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 during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Investors Bancorp by 1.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,892,735 shares of the savings and loans company’s stock worth $105,449,000 after buying an additional 88,113 shares during the period. 74.41% of the stock is currently owned by hedge funds and other institutional investors.
The company has a market cap of $4.16 billion, a PE ratio of 21.93 and a beta of 0.69. The company has a 50-day moving average of $13.49 and a 200 day moving average of $13.45.
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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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