Zacks Investment Research upgraded shares of Investors Bancorp (NASDAQ:ISBC) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $16.00 price target on the savings and loans company’s stock.
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 subject of a number of other reports. Barclays raised 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. Keefe, Bruyette & Woods downgraded shares of Investors Bancorp from an outperform rating to a market perform rating in a report on Monday, October 30th. Piper Jaffray Companies downgraded shares of Investors Bancorp from an overweight rating to a neutral rating and set a $15.00 price target for the company. in a report on Wednesday, November 29th. Sandler O’Neill downgraded shares of Investors Bancorp from a buy rating to a hold rating and set a $16.00 price target for the company. in a report on Thursday, November 30th. They noted that the move was a valuation call. Finally, BidaskClub downgraded shares of Investors Bancorp from a buy rating to a hold rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Investors Bancorp has a consensus rating of Hold and a consensus price target of $15.44.
Investors Bancorp (NASDAQ:ISBC) last released its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $179.31 million during the quarter, compared to the consensus estimate of $178.16 million. Investors Bancorp had a net margin of 20.55% and a return on equity of 5.84%. During the same period last year, the firm earned $0.15 EPS. equities research analysts predict that Investors Bancorp will post 0.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Friday, November 10th were issued a dividend of $0.09 per share. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 2.55%. The ex-dividend date was Thursday, November 9th. Investors Bancorp’s dividend payout ratio (DPR) is currently 57.14%.
In related news, Director Robert C. Albanese sold 5,000 shares of Investors Bancorp 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 directly owns 157,188 shares of the company’s stock, valued at approximately $2,140,900.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.96% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Belpointe Asset Management LLC bought a new position in Investors Bancorp during the 3rd quarter valued at about $187,000. Cubist Systematic Strategies LLC bought a new position in shares of Investors Bancorp in the third quarter worth about $316,000. Beacon Investment Advisory Services Inc. raised its stake in shares of Investors Bancorp by 118.0% in 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 acquiring an additional 395,181 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Investors Bancorp by 20.8% in 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 acquiring an additional 783,442 shares during the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Investors Bancorp by 36.2% in the third quarter. Jane Street Group LLC now owns 44,680 shares of the savings and loans company’s stock worth $609,000 after acquiring an additional 11,885 shares during the last quarter. 78.62% of the stock is owned by hedge funds and other institutional investors.
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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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