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. “
Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada reaffirmed a buy rating and issued a $11.00 target price on shares of Investors Bancorp in a research report on Monday, April 13th. ValuEngine downgraded Investors Bancorp from a hold rating to a sell rating in a research report on Thursday, April 2nd. Compass Point reduced their price target on Investors Bancorp from $13.00 to $10.50 and set a buy rating for the company in a report on Friday, May 1st. Keefe, Bruyette & Woods raised 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. Finally, BidaskClub downgraded Investors Bancorp from a sell rating to a strong sell rating in a report on Saturday, June 13th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Investors Bancorp has an average rating of Hold and an average price target of $10.50.
Investors Bancorp (NASDAQ:ISBC) last issued its earnings results on Wednesday, July 29th. The savings and loans company reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.01. Investors Bancorp had a return on equity of 7.02% and a net margin of 16.82%. The company had revenue of $192.13 million during the quarter, compared to the consensus estimate of $201.80 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s revenue was up 15.6% compared to the same quarter last year. On average, equities research analysts predict that Investors Bancorp will post 0.77 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Monday, August 10th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date of this dividend is Friday, August 7th. Investors Bancorp’s dividend payout ratio is currently 62.34%.
A number of hedge funds and other institutional investors have recently made changes to their positions in ISBC. Advisor Group Holdings Inc. acquired a new stake in Investors Bancorp during the first quarter valued at approximately $27,000. Kistler Tiffany Companies LLC acquired a new stake in shares of Investors Bancorp during the 2nd quarter worth approximately $40,000. GAM Holding AG acquired a new stake in shares of Investors Bancorp during the 1st quarter worth approximately $82,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Investors Bancorp during the 1st quarter worth approximately $88,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Investors Bancorp during the 1st quarter worth approximately $89,000. Hedge funds and other institutional investors own 70.50% 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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