Investors Bancorp Coverage Initiated at Deutsche Bank (ISBC)
Equities researchers at Deutsche Bank began coverage on shares of Investors Bancorp (NASDAQ:ISBC) in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm set a “hold” rating and a $24.00 price target on the stock. Deutsche Bank’s target price would suggest a potential upside of 10.75% from the stock’s previous close.
The analysts wrote, “Having successfully levered the capital base via M&A and organic growth in its efforts to build a formidable franchise in the NY/NJ market, management has well positioned the company to launch its second-step and begin the next phase of growth. While we are positive on management, the company’s markets, and the longer-term strategy and share upside potential, we recommend investors seeking to build positions in ISBC to favor the second step as an entry point, following the recent run in the stock, which is currently priced at a premium to the level implied by management’s preferred/expected second step valuation range of near/modestly below TBV/share.”
Shares of Investors Bancorp (NASDAQ:ISBC) traded down 1.20% during mid-day trading on Wednesday, hitting $21.41. The stock had a trading volume of 24,154 shares. Investors Bancorp has a 52-week low of $15.70 and a 52-week high of $22.93. The stock has a 50-day moving average of $22.14 and a 200-day moving average of $19.92. The company has a market cap of $2.306 billion and a P/E ratio of 23.30.
A number of other firms have also recently commented on ISBC. Analysts at Keefe, Bruyette & Woods raised their price target on shares of Investors Bancorp from $21.50 to $23.00 in a research note to investors on Tuesday, July 30th. Separately, analysts at Sterne Agee reiterated a “buy” rating on shares of Investors Bancorp in a research note to investors on Wednesday, July 10th. They now have a $24.00 price target on the stock, up previously from $21.00. Finally, analysts at Zacks upgraded shares of Investors Bancorp from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, July 2nd. They now have a $23.00 price target on the stock.
Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $22.67.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 23rd. Investors of record on Friday, August 9th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Wednesday, August 7th.
In other Investors Bancorp news, Director Brian Dittenhafer unloaded 15,000 shares of the company’s stock on the open market in a transaction dated Thursday, August 8th. The stock was sold at an average price of $22.43, for a total value of $336,450.00. Following the completion of the sale, the director now directly owns 90,807 shares in the company. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Investors Bancorp, Inc is a holding company for Investors Bank (NASDAQ:ISBC).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.