Investors Bancorp (NASDAQ:ISBC) Stock Rating Upgraded 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 research analysts have also recently issued reports on ISBC. Keefe, Bruyette & Woods raised shares of Investors Bancorp from a “market perform” rating to an “outperform” rating and set a $11.50 price target for the company in a report on Wednesday, April 1st. ValuEngine cut shares of Investors Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. BidaskClub lowered shares of Investors Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 13th. Royal Bank of Canada restated a “buy” rating and set a $11.00 target price on shares of Investors Bancorp in a research report on Monday, April 13th. Finally, Compass Point lowered their target price on shares of Investors Bancorp from $13.00 to $10.50 and set a “buy” rating on the stock in a research report on Friday, May 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $10.50.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings results on Wednesday, April 29th. The savings and loans company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.05). The firm had revenue of $187.94 million for the quarter, compared to analysts’ expectations of $189.90 million. Investors Bancorp had a return on equity of 7.03% and a net margin of 17.03%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. On average, equities research analysts expect that Investors Bancorp will post 0.81 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in ISBC. Barclays PLC grew its position in shares of Investors Bancorp by 24.3% in the fourth quarter. Barclays PLC now owns 231,747 shares of the savings and loans company’s stock valued at $2,761,000 after purchasing an additional 45,371 shares during the last quarter. Mackay Shields LLC acquired a new stake in shares of Investors Bancorp in the fourth quarter valued at approximately $3,407,000. KBC Group NV grew its position in shares of Investors Bancorp by 474.8% in the fourth quarter. KBC Group NV now owns 453,126 shares of the savings and loans company’s stock valued at $5,399,000 after purchasing an additional 374,296 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Investors Bancorp in the fourth quarter valued at approximately $941,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Investors Bancorp in the fourth quarter valued at approximately $555,000. Institutional investors and hedge funds own 70.51% of the company’s stock.
About Investors Bancorp
Investors Bancorp, Inc operates as the bank 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. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; one-to four-family residential mortgage loans secured by one-to four-family residential real estate; and consumer and other loans primarily consisting of home equity loans, and home equity lines of credit, as well as various insurance products comprising life insurance, fixed annuities, and indexed annuities.
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