Investors Bancorp Inc. (NASDAQ:ISBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
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, Piper Jaffray Cos. raised Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a research note on Friday, August 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Investors Bancorp has a consensus rating of “Hold” and a consensus price target of $12.70.
Shares of Investors Bancorp (NASDAQ:ISBC) opened at 11.92 on Monday. Investors Bancorp has a one year low of $10.67 and a one year high of $13.13. The stock has a market cap of $3.58 billion, a PE ratio of 20.55 and a beta of 0.70. The stock’s 50 day moving average price is $11.92 and its 200-day moving average price is $11.59.
Investors Bancorp (NASDAQ:ISBC) last announced its earnings results on Wednesday, July 27th. The company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Investors Bancorp had a return on equity of 5.44% and a net margin of 22.58%. During the same quarter in the previous year, the company earned $0.14 earnings per share. On average, equities analysts predict that Investors Bancorp will post $0.59 earnings per share for the current fiscal year.
In other news, Director Doreen R. Byrnes sold 40,000 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $11.71, for a total transaction of $468,400.00. Following the completion of the sale, the director now directly owns 221,263 shares of the company’s stock, valued at $2,590,989.73. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Richard Spengler sold 109,999 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $11.85, for a total value of $1,303,488.15. Following the sale, the vice president now directly owns 870,211 shares of the company’s stock, valued at $10,312,000.35. The disclosure for this sale can be found here. Insiders own 3.44% of the company’s stock.
Several large investors have recently made changes to their positions in ISBC. Tradition Capital Management LLC bought a new stake in shares of Investors Bancorp during the second quarter valued at approximately $110,000. Pacer Advisors Inc. acquired a new stake in shares of Investors Bancorp during the second quarter valued at about $115,000. CHICAGO TRUST Co NA acquired a new stake in shares of Investors Bancorp during the second quarter valued at about $127,000. Jefferies Group LLC acquired a new stake in shares of Investors Bancorp during the second quarter valued at about $132,000. Finally, AHL Partners LLP acquired a new stake in shares of Investors Bancorp during the second quarter valued at about $147,000. 76.67% of the stock is owned by institutional investors and hedge funds.
Investors Bancorp Company Profile
Investors Bancorp, Inc is a holding company for Investors Bank (the Bank). The Bank is a chartered savings bank. The Company is 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.
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