Investors Bancorp Inc. (ISBC) Director Sells $2,143,650.00 in Stock
Investors Bancorp Inc. (NASDAQ:ISBC) Director William V. Cosgrove sold 155,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 30th. The stock was sold at an average price of $13.83, for a total value of $2,143,650.00. Following the completion of the sale, the director now owns 206,622 shares of the company’s stock, valued at $2,857,582.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Investors Bancorp Inc. (NASDAQ:ISBC) traded down 1.02% during mid-day trading on Wednesday, reaching $13.54. 3,070,959 shares of the company’s stock traded hands. The company’s 50 day moving average is $12.67 and its 200-day moving average is $11.89. Investors Bancorp Inc. has a 52 week low of $10.67 and a 52 week high of $14.12. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 23.75 and a beta of 0.66.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings data on Thursday, October 27th. The company reported $0.15 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.15. The company earned $168.13 million during the quarter, compared to analyst estimates of $163.95 million. Investors Bancorp had a net margin of 21.68% and a return on equity of 5.51%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.14 earnings per share. Equities analysts expect that Investors Bancorp Inc. will post $0.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Thursday, November 10th were issued a dividend of $0.08 per share. This is a positive change from Investors Bancorp’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Tuesday, November 8th. This represents a $0.32 annualized dividend and a dividend yield of 2.36%. Investors Bancorp’s dividend payout ratio (DPR) is presently 55.17%.
Several hedge funds have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. boosted its stake 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. Tradition Capital Management LLC bought a new stake in Investors Bancorp during the second quarter valued at approximately $110,000. Staley Capital Advisers Inc. bought a new stake in Investors Bancorp during the third quarter valued at approximately $120,000. Aperio Group LLC bought a new stake in Investors Bancorp during the third quarter valued at approximately $124,000. Finally, Pacer Advisors Inc. bought a new stake in Investors Bancorp during the second quarter valued at approximately $115,000. 78.23% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have issued reports on the company. Piper Jaffray Cos. raised Investors Bancorp from a “neutral” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Friday, August 19th. Zacks Investment Research raised Investors Bancorp from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Wednesday, August 3rd.
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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