Renaissance Technologies LLC Trims Stock Holdings in Investors Bancorp Inc (NASDAQ:ISBC)
Renaissance Technologies LLC cut its holdings in shares of Investors Bancorp Inc (NASDAQ:ISBC) by 11.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,981,712 shares of the savings and loans company’s stock after selling 368,600 shares during the quarter. Renaissance Technologies LLC’s holdings in Investors Bancorp were worth $33,246,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisors Preferred LLC purchased a new position in Investors Bancorp during the second quarter worth about $26,000. NEXT Financial Group Inc purchased a new position in Investors Bancorp during the second quarter worth about $39,000. Rockefeller Capital Management L.P. lifted its position in Investors Bancorp by 1,911.7% during the second quarter. Rockefeller Capital Management L.P. now owns 4,808 shares of the savings and loans company’s stock worth $54,000 after buying an additional 4,569 shares during the period. Toronto Dominion Bank lifted its position in Investors Bancorp by 16.0% during the first quarter. Toronto Dominion Bank now owns 6,570 shares of the savings and loans company’s stock worth $78,000 after buying an additional 907 shares during the period. Finally, Fort Sheridan Advisors LLC purchased a new position in Investors Bancorp during the first quarter worth about $130,000. Hedge funds and other institutional investors own 72.90% of the company’s stock.
ISBC has been the topic of several recent analyst reports. Janney Montgomery Scott upgraded Investors Bancorp from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 6th. Zacks Investment Research upgraded Investors Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Investors Bancorp currently has a consensus rating of “Hold” and an average target price of $13.16.
Investors Bancorp (NASDAQ:ISBC) last released its quarterly earnings data on Wednesday, July 24th. The savings and loans company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $166.15 million for the quarter, compared to the consensus estimate of $176.16 million. Investors Bancorp had a return on equity of 7.05% and a net margin of 17.85%. During the same period last year, the business posted $0.20 EPS. As a group, equities research analysts anticipate that Investors Bancorp Inc will post 0.74 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were issued a $0.11 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.81%. Investors Bancorp’s dividend payout ratio (DPR) is 54.32%.
In other news, CFO P. Sean Burke sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $11.04, for a total value of $220,800.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert C. Albanese sold 35,302 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $11.14, for a total value of $393,264.28. The disclosure for this sale can be found here. Company insiders own 3.49% of the company’s stock.
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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