Investors Bancorp Inc (NASDAQ:ISBC) declared a quarterly dividend on Thursday, October 25th, NASDAQ reports. Shareholders of record on Friday, November 9th will be paid a dividend of 0.11 per share by the savings and loans company on Friday, November 23rd. This represents a $0.44 annualized dividend and a yield of 3.87%. The ex-dividend date is Thursday, November 8th. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.09.
Investors Bancorp has raised its dividend payment by an average of 22.4% per year over the last three years and has increased its dividend every year for the last 3 years. Investors Bancorp has a dividend payout ratio of 57.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Investors Bancorp to earn $0.79 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 55.7%.
ISBC stock traded up $0.04 during midday trading on Friday, hitting $11.37. The company’s stock had a trading volume of 1,425,447 shares, compared to its average volume of 2,493,339. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.66. Investors Bancorp has a 52-week low of $10.27 and a 52-week high of $14.69. The stock has a market capitalization of $4.01 billion, a PE ratio of 18.34, a P/E/G ratio of 1.20 and a beta of 0.62.
Investors Bancorp (NASDAQ:ISBC) last issued its quarterly earnings results on Thursday, October 25th. The savings and loans company reported $0.19 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. Investors Bancorp had a net margin of 16.73% and a return on equity of 7.01%. The company had revenue of $177.21 million during the quarter, compared to analysts’ expectations of $181.19 million. Analysts expect that Investors Bancorp will post 0.78 EPS for the current fiscal year.
Several equities analysts have commented on ISBC shares. Zacks Investment Research cut shares of Investors Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, July 7th. BidaskClub cut shares of Investors Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 13th. Royal Bank of Canada reaffirmed a “buy” rating and set a $14.00 price objective on shares of Investors Bancorp in a research report on Friday, July 27th. Stephens reaffirmed a “buy” rating and set a $15.00 price objective on shares of Investors Bancorp in a research report on Thursday, August 16th. Finally, ValuEngine raised shares of Investors Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, September 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.79.
In other news, Director Robert C. Albanese sold 5,000 shares of Investors Bancorp stock in a transaction on Monday, October 1st. The shares were sold at an average price of $12.29, for a total transaction of $61,450.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.51% of the stock is currently owned by insiders.
About Investors Bancorp
Investors Bancorp, Inc operates as the holding company for Investors Bank that provides various banking products and services to individuals and businesses in the United States. Its deposit products include savings, checking, and money market accounts, as well as certificates of deposit. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; consumer and other loans primarily consisting of home equity loans, home equity lines of credit, and cash surrender value lending on life insurance contracts; and one-to four-family residential mortgage loans secured by one-to four-family residential real estate.
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