Janney Montgomery Scott upgraded shares of Investors Bancorp (NASDAQ:ISBC) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, BenzingaRatingsTable reports.
A number of other research analysts have also recently commented on the company. ValuEngine cut Investors Bancorp from a hold rating to a sell rating in a research note on Thursday, April 25th. BidaskClub cut Investors Bancorp from a sell rating to a strong sell rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research upgraded Investors Bancorp from a sell rating to a hold rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $13.53.
ISBC traded down $0.15 during trading hours on Tuesday, reaching $10.95. The company’s stock had a trading volume of 42,982 shares, compared to its average volume of 2,178,401. Investors Bancorp has a fifty-two week low of $9.94 and a fifty-two week high of $13.12. The stock has a market cap of $3.08 billion, a PE ratio of 13.52, a PEG ratio of 1.26 and a beta of 0.93. The business has a 50-day moving average of $11.10. The company has a current ratio of 1.24, a quick ratio of 1.23 and a debt-to-equity ratio of 1.94.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, August 8th. Investors Bancorp’s dividend payout ratio is currently 54.32%.
In other news, CFO P. Sean Burke sold 20,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $11.04, for a total transaction of $220,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.49% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in Investors Bancorp by 12.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,575,152 shares of the savings and loans company’s stock worth $99,581,000 after purchasing an additional 1,082,081 shares during the period. Legal & General Group Plc grew its stake in Investors Bancorp by 2.8% in the fourth quarter. Legal & General Group Plc now owns 171,065 shares of the savings and loans company’s stock worth $1,779,000 after purchasing an additional 4,670 shares during the period. Public Employees Retirement System of Ohio grew its stake in Investors Bancorp by 147.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 14,624 shares of the savings and loans company’s stock worth $152,000 after purchasing an additional 8,720 shares during the period. Norges Bank purchased a new stake in Investors Bancorp in the fourth quarter worth $28,230,000. Finally, Geode Capital Management LLC grew its stake in Investors Bancorp by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 3,030,028 shares of the savings and loans company’s stock worth $31,511,000 after purchasing an additional 106,555 shares during the period. 74.11% of the stock is currently owned by institutional investors and hedge funds.
About Investors Bancorp
Investors Bancorp, Inc operates as the holding company for Investors Bank that provides various banking products and services to individuals and businesses in the United States. Its deposit products include savings, checking, and money market accounts, as well as certificates of deposit. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; consumer and other loans primarily consisting of home equity loans, home equity lines of credit, and cash surrender value lending on life insurance contracts; and one-to four-family residential mortgage loans secured by one-to four-family residential real estate.
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