Zacks Investment Research upgraded shares of Investors Bancorp (NASDAQ:ISBC) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.
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 analysts have also issued research reports about the company. Stephens reissued a buy rating and issued a $15.00 target price on shares of Investors Bancorp in a report on Thursday, August 16th. Royal Bank of Canada reissued a buy rating and issued a $14.00 target price on shares of Investors Bancorp in a report on Friday, July 27th. ValuEngine raised Investors Bancorp from a sell rating to a hold rating in a report on Friday, September 7th. Finally, BidaskClub raised Investors Bancorp from a sell rating to a hold rating in a report on Thursday, September 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $14.79.
Investors Bancorp stock opened at $11.37 on Wednesday. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 1.22 and a beta of 0.62. Investors Bancorp has a 12 month low of $10.27 and a 12 month high of $14.69. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.23 and a quick ratio of 1.23.
Investors Bancorp (NASDAQ:ISBC) last posted its earnings results on Thursday, October 25th. The savings and loans company reported $0.19 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.19. The business had revenue of $177.21 million during the quarter, compared to analyst estimates of $181.19 million. Investors Bancorp had a return on equity of 7.01% and a net margin of 16.73%. Equities research analysts forecast that Investors Bancorp will post 0.78 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Friday, November 9th will be issued a $0.11 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.44 annualized dividend and a dividend yield of 3.87%. This is a positive change from Investors Bancorp’s previous quarterly dividend of $0.09. Investors Bancorp’s payout ratio is presently 58.06%.
In related news, Director Robert C. Albanese sold 5,000 shares of Investors Bancorp stock in a transaction on Monday, October 1st. The stock was sold at an average price of $12.29, for a total value of $61,450.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.51% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of ISBC. Millennium Management LLC bought a new stake in shares of Investors Bancorp in the second quarter worth $13,344,000. Federated Investors Inc. PA grew its holdings in Investors Bancorp by 5,310.2% during the second quarter. Federated Investors Inc. PA now owns 816,611 shares of the savings and loans company’s stock valued at $10,444,000 after purchasing an additional 801,517 shares during the period. Janus Henderson Group PLC grew its holdings in Investors Bancorp by 17.6% during the second quarter. Janus Henderson Group PLC now owns 3,942,941 shares of the savings and loans company’s stock valued at $50,430,000 after purchasing an additional 591,211 shares during the period. BlackRock Inc. grew its holdings in Investors Bancorp by 3.0% during the second quarter. BlackRock Inc. now owns 18,336,408 shares of the savings and loans company’s stock valued at $234,523,000 after purchasing an additional 528,918 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Investors Bancorp by 102.7% during the second quarter. Renaissance Technologies LLC now owns 1,013,512 shares of the savings and loans company’s stock valued at $12,963,000 after purchasing an additional 513,552 shares during the period. 63.45% of the stock is owned by institutional investors.
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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