Investors Bancorp Inc. (ISBC) Sees Significant Increase in Short Interest
Investors Bancorp Inc. (NASDAQ:ISBC) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 11,244,708 shares, a growth of 17.3% from the October 31st total of 9,587,923 shares. Approximately 3.7% of the company’s stock are short sold. Based on an average daily volume of 3,423,595 shares, the days-to-cover ratio is currently 3.3 days.
Several equities analysts have issued reports on the stock. Piper Jaffray Cos. upgraded shares of Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 target price on the stock in a research note on Friday, August 19th. Zacks Investment Research upgraded shares of Investors Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Wednesday, August 3rd.
Investors Bancorp (NASDAQ:ISBC) opened at 14.10 on Friday. The stock has a 50 day moving average of $12.62 and a 200 day moving average of $11.87. Investors Bancorp has a 52 week low of $10.67 and a 52 week high of $14.12. The company has a market cap of $4.20 billion, a PE ratio of 24.74 and a beta of 0.66.
Investors Bancorp (NASDAQ:ISBC) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.15 earnings per share for the quarter, meeting the consensus estimate of $0.15. The firm earned $168.13 million during the quarter, compared to the consensus estimate of $163.95 million. Investors Bancorp had a return on equity of 5.51% and a net margin of 21.68%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. Equities research analysts predict that Investors Bancorp will post $0.59 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Thursday, November 10th were issued a $0.08 dividend. This is an increase from Investors Bancorp’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Tuesday, November 8th. Investors Bancorp’s payout ratio is presently 55.17%.
In other Investors Bancorp news, VP Paul Kalamaras sold 182,000 shares of the company’s 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 transaction, the vice president now owns 854,031 shares in the company, valued at approximately $10,205,670.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Doreen R. Byrnes sold 20,000 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $12.01, for a total transaction of $240,200.00. Following the transaction, the director now owns 182,088 shares in the company, valued at approximately $2,186,876.88. The disclosure for this sale can be found here. Corporate insiders own 3.44% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Tradition Capital Management LLC bought a new position in Investors Bancorp during the second quarter valued at about $110,000. Pacer Advisors Inc. bought a new position in Investors Bancorp during the second quarter valued at about $115,000. Staley Capital Advisers Inc. bought a new position in Investors Bancorp during the third quarter valued at about $120,000. Bronfman E.L. Rothschild L.P. raised its position in Investors Bancorp by 3.5% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 9,992 shares of the company’s stock valued at $120,000 after buying an additional 342 shares during the period. Finally, Aperio Group LLC bought a new position in Investors Bancorp during the third quarter valued at about $124,000. Institutional investors own 77.57% of the company’s stock.
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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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