Investors Bancorp (ISBC) Upgraded to Buy at Zacks Investment Research
Investors Bancorp (NASDAQ:ISBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $15.00 price target on the savings and loans company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.02% from the stock’s previous close.
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. “
A number of other equities analysts have also commented on ISBC. Keefe, Bruyette & Woods lowered shares of Investors Bancorp from an “outperform” rating to a “market perform” rating in a research report on Monday, October 30th. Barclays raised their target price on shares of Investors Bancorp from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, October 30th. Piper Jaffray Companies lowered shares of Investors Bancorp from an “overweight” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research report on Wednesday, November 29th. Sandler O’Neill lowered shares of Investors Bancorp from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a research report on Thursday, November 30th. They noted that the move was a valuation call. Finally, BidaskClub lowered shares of Investors Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Investors Bancorp currently has a consensus rating of “Hold” and an average target price of $15.19.
Investors Bancorp (NASDAQ:ISBC) last issued its earnings results on Thursday, January 25th. The savings and loans company reported $0.17 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.02. The business had revenue of $182.91 million for the quarter, compared to analyst estimates of $181.14 million. Investors Bancorp had a net margin of 13.82% and a return on equity of 5.69%. During the same period last year, the company posted $0.18 earnings per share. research analysts anticipate that Investors Bancorp will post 0.76 EPS for the current year.
In related news, Director Robert C. Albanese sold 5,000 shares of Investors Bancorp stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $13.94, for a total transaction of $69,700.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.96% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Public Employees Retirement Association of Colorado purchased a new position in Investors Bancorp during the fourth quarter valued at approximately $117,000. Cerebellum GP LLC purchased a new position in Investors Bancorp during the fourth quarter valued at approximately $125,000. Citigroup Inc. increased its holdings in Investors Bancorp by 45.7% during the second quarter. Citigroup Inc. now owns 10,898 shares of the savings and loans company’s stock valued at $146,000 after buying an additional 3,417 shares during the period. Gotham Asset Management LLC increased its holdings in Investors Bancorp by 17.1% during the second quarter. Gotham Asset Management LLC now owns 13,305 shares of the savings and loans company’s stock valued at $178,000 after buying an additional 1,941 shares during the period. Finally, Belpointe Asset Management LLC purchased a new position in Investors Bancorp during the third quarter valued at approximately $187,000. 77.66% of the stock is currently owned by institutional investors.
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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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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