Investors Bancorp, Inc. (ISBC) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Investors Bancorp, Inc. (NASDAQ:ISBC) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The firm currently has $15.00 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. “
Several other analysts have also issued reports on ISBC. Barclays PLC upped their price target on shares of Investors Bancorp from $13.00 to $14.00 and gave the stock an underweight rating in a research report on Monday, October 30th. Stephens assumed coverage on shares of Investors Bancorp in a research report on Thursday, July 13th. They set an overweight rating and a $16.00 price target on the stock. Keefe, Bruyette & Woods lowered shares of Investors Bancorp from an outperform rating to a market perform rating in a research report on Monday, October 30th. Piper Jaffray Companies reaffirmed a buy rating and set a $15.00 price target on shares of Investors Bancorp in a research report on Thursday, August 3rd. Finally, BidaskClub lowered shares of Investors Bancorp from a sell rating to a strong sell rating in a research report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Investors Bancorp currently has an average rating of Hold and a consensus price target of $15.21.
Investors Bancorp (NASDAQ:ISBC) traded down $0.07 during mid-day trading on Wednesday, reaching $13.19. 1,465,341 shares of the company’s stock were exchanged, compared to its average volume of 2,770,000. Investors Bancorp has a 12 month low of $12.45 and a 12 month high of $15.11. The stock has a market cap of $4,090.00, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 1.92 and a beta of 0.52. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.55.
Investors Bancorp (NASDAQ:ISBC) last announced its earnings results on Thursday, October 26th. The savings and loans company reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. Investors Bancorp had a net margin of 20.55% and a return on equity of 5.85%. The business had revenue of $179.31 million during the quarter, compared to analysts’ expectations of $178.16 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. analysts expect that Investors Bancorp will post 0.58 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be given a $0.09 dividend. The ex-dividend date is Thursday, November 9th. This is a positive change from Investors Bancorp’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 2.73%. Investors Bancorp’s dividend payout ratio is presently 50.79%.
In other news, Director Robert M. Cashill sold 25,000 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $13.08, for a total value of $327,000.00. Following the transaction, the director now directly owns 756,902 shares of the company’s stock, valued at $9,900,278.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owns 157,188 shares in the company, valued at $2,140,900.56. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock worth $788,100 over the last three months. Insiders own 2.96% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Citigroup Inc. raised its position in shares of Investors Bancorp by 45.7% in the second quarter. Citigroup Inc. now owns 10,898 shares of the savings and loans company’s stock valued at $146,000 after purchasing an additional 3,417 shares during the period. Gotham Asset Management LLC acquired a new position in shares of Investors Bancorp in the first quarter valued at about $163,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Investors Bancorp by 6.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,667 shares of the savings and loans company’s stock valued at $156,000 after acquiring an additional 739 shares in the last quarter. US Bancorp DE grew its stake in shares of Investors Bancorp by 2.7% in the second quarter. US Bancorp DE now owns 14,077 shares of the savings and loans company’s stock valued at $189,000 after acquiring an additional 374 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Investors Bancorp in the second quarter valued at about $193,000. 74.09% of the stock is currently owned by institutional investors.
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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