Investors Bancorp (ISBC) Downgraded by Zacks Investment Research
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 equities analysts also recently weighed in on the company. Barclays reissued a “hold” rating and set a $14.00 price target on shares of Investors Bancorp in a research report on Friday, January 11th. Wells Fargo & Co raised Investors Bancorp from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $12.00 to $15.00 in a research report on Thursday, January 31st. Piper Jaffray Companies raised Investors Bancorp from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $12.50 to $13.50 in a research report on Friday, February 1st. BidaskClub downgraded Investors Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, December 21st. Finally, ValuEngine downgraded Investors Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $13.61.
Investors Bancorp (NASDAQ:ISBC) last released its quarterly earnings results on Wednesday, January 30th. The savings and loans company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.04. The company had revenue of $148.51 million during the quarter, compared to the consensus estimate of $175.20 million. Investors Bancorp had a return on equity of 7.54% and a net margin of 20.70%. During the same quarter last year, the business posted $0.17 earnings per share. On average, research analysts anticipate that Investors Bancorp will post 0.81 EPS for the current year.
In other news, Director Robert C. Albanese sold 5,000 shares of Investors Bancorp stock in a transaction on Monday, April 1st. The stock was sold at an average price of $11.91, for a total value of $59,550.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Harbour Group L.P. Blue sold 268,100 shares of Investors Bancorp stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $12.33, for a total value of $3,305,673.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 303,100 shares of company stock valued at $3,747,423. Company insiders own 3.51% of the company’s stock.
Several large investors have recently made changes to their positions in ISBC. Advisors Preferred LLC purchased a new stake in shares of Investors Bancorp in the fourth quarter valued at $31,000. Enlightenment Research LLC purchased a new stake in shares of Investors Bancorp in the fourth quarter valued at $35,000. Toronto Dominion Bank grew its position in shares of Investors Bancorp by 18,776.7% in the fourth quarter. Toronto Dominion Bank now owns 5,663 shares of the savings and loans company’s stock valued at $59,000 after purchasing an additional 5,633 shares during the period. Dean Capital Investments Management LLC purchased a new stake in shares of Investors Bancorp in the fourth quarter valued at $112,000. Finally, Beese Fulmer Investment Management Inc. purchased a new stake in shares of Investors Bancorp in the fourth quarter valued at $128,000. 76.03% of the stock is owned by institutional investors and hedge funds.
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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