Investors Bancorp (NASDAQ:ISBC) Lifted to “Hold” at 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. “
Separately, Janney Montgomery Scott raised Investors Bancorp from a neutral rating to a buy rating in a report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, three have given 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 price target of $13.16.
Investors Bancorp (NASDAQ:ISBC) last issued its quarterly earnings data on Wednesday, July 24th. The savings and loans company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $166.15 million for the quarter, compared to analysts’ expectations of $176.16 million. Investors Bancorp had a return on equity of 7.05% and a net margin of 17.85%. During the same quarter in the prior year, the firm posted $0.20 EPS. On average, research analysts forecast that Investors Bancorp will post 0.74 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were issued a $0.11 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.44 annualized dividend and a dividend yield of 3.85%. Investors Bancorp’s payout ratio is currently 54.32%.
In other Investors Bancorp news, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO P. Sean Burke sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $11.04, for a total value of $220,800.00. The disclosure for this sale can be found here. Company insiders own 3.49% of the company’s stock.
Several large investors have recently added to or reduced their stakes in ISBC. Advisors Preferred LLC purchased a new stake in shares of Investors Bancorp in the 2nd quarter valued at about $26,000. NEXT Financial Group Inc purchased a new stake in shares of Investors Bancorp in the 2nd quarter valued at about $39,000. Point72 Asset Management L.P. purchased a new stake in shares of Investors Bancorp in the 2nd quarter valued at about $49,000. Rockefeller Capital Management L.P. increased its position in shares of Investors Bancorp by 1,911.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 4,808 shares of the savings and loans company’s stock valued at $54,000 after purchasing an additional 4,569 shares during the last quarter. Finally, Toronto Dominion Bank increased its position in shares of Investors Bancorp by 16.0% during the 1st quarter. Toronto Dominion Bank now owns 6,570 shares of the savings and loans company’s stock valued at $78,000 after purchasing an additional 907 shares during the last quarter. 72.90% of the stock is currently owned by hedge funds and other institutional investors.
Investors Bancorp Company Profile
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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