Zacks Investment Research Downgrades Investors Bancorp Inc. (ISBC) to Sell
Investors Bancorp Inc. (NASDAQ:ISBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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 shares of Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Friday, August 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $12.70.
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Shares of Investors Bancorp (NASDAQ:ISBC) traded down 1.42% on Thursday, reaching $11.78. 6,012,968 shares of the company’s stock traded hands. The firm has a market cap of $3.54 billion, a P/E ratio of 20.31 and a beta of 0.70. The company’s 50-day moving average price is $11.97 and its 200 day moving average price is $11.61. Investors Bancorp has a one year low of $10.67 and a one year high of $13.13.
Investors Bancorp (NASDAQ:ISBC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Investors Bancorp had a net margin of 22.58% and a return on equity of 5.44%. During the same period in the prior year, the business posted $0.14 earnings per share. On average, equities analysts forecast that Investors Bancorp will post $0.59 EPS for the current fiscal year.
In other news, Director Doreen R. Byrnes sold 40,000 shares of the stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $11.71, for a total value 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 filing with the SEC, which is accessible through the SEC website. Also, Director Brian D. Dittenhafer sold 124,529 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $12.27, for a total transaction of $1,527,970.83. Following the completion of the sale, the director now directly owns 516,086 shares of the company’s stock, valued at $6,332,375.22. The disclosure for this sale can be found here. Company insiders own 3.44% of the company’s stock.
Several hedge funds have recently made changes to their positions in ISBC. Goldman Sachs Group Inc. boosted its stake in shares of Investors Bancorp by 115.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,973,884 shares of the company’s stock worth $34,616,000 after buying an additional 1,594,359 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Investors Bancorp by 20.4% in the first quarter. Renaissance Technologies LLC now owns 6,205,325 shares of the company’s stock worth $72,230,000 after buying an additional 1,053,338 shares during the period. Prudential Financial Inc. boosted its stake in shares of Investors Bancorp by 762.9% in the first quarter. Prudential Financial Inc. now owns 338,871 shares of the company’s stock worth $3,944,000 after buying an additional 299,600 shares during the period. BlackRock Inc. boosted its stake in shares of Investors Bancorp by 98.2% in the first quarter. BlackRock Inc. now owns 39,688 shares of the company’s stock worth $462,000 after buying an additional 19,665 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Investors Bancorp by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 1,935,447 shares of the company’s stock worth $22,529,000 after buying an additional 16,448 shares during the period. 76.67% of the stock is owned by hedge funds and other institutional investors.
About Investors Bancorp
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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