Investors Bancorp Inc. (ISBC) Rating Lowered to Sell at Zacks Investment Research
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 shares of Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a research note on Friday, August 19th. One equities research 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 company has a consensus rating of “Hold” and an average target price of $12.70.
Shares of Investors Bancorp (NASDAQ:ISBC) traded down 1.33% during midday trading on Monday, reaching $11.85. 1,231,200 shares of the company’s stock were exchanged. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 20.43 and a beta of 0.70. Investors Bancorp has a 12-month low of $10.67 and a 12-month high of $13.13. The stock’s 50 day moving average price is $11.90 and its 200 day moving average price is $11.58.
Investors Bancorp (NASDAQ:ISBC) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates 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 previous year, the company posted $0.14 earnings per share. Equities analysts anticipate that Investors Bancorp will post $0.59 earnings per share for the current fiscal year.
In related news, VP Domenick A. Cama sold 920,000 shares of Investors Bancorp stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $12.13, for a total transaction of $11,159,600.00. Following the completion of the sale, the vice president now owns 2,246,027 shares in the company, valued at approximately $27,244,307.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Kalamaras sold 182,000 shares of Investors Bancorp stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $11.95, for a total transaction of $2,174,900.00. Following the sale, the vice president now owns 854,031 shares of the company’s stock, valued at approximately $10,205,670.45. The disclosure for this sale can be found here. Corporate insiders own 3.44% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Tradition Capital Management LLC bought a new stake in shares of Investors Bancorp during the second quarter worth $110,000. Pacer Advisors Inc. bought a new stake in shares of Investors Bancorp during the second quarter worth $115,000. CHICAGO TRUST Co NA bought a new stake in shares of Investors Bancorp during the second quarter worth $127,000. Jefferies Group LLC bought a new stake in shares of Investors Bancorp during the second quarter worth $132,000. Finally, AHL Partners LLP bought a new stake in shares of Investors Bancorp during the second quarter worth $147,000. Institutional investors own 76.67% of the company’s stock.
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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