Investors Bancorp Inc (NASDAQ:ISBC) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 4,408,300 shares, a drop of 9.4% from the June 30th total of 4,865,500 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 2,140,000 shares, the days-to-cover ratio is currently 2.1 days.
In related news, Director Robert C. Albanese sold 35,302 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $11.14, for a total transaction of $393,264.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO P. Sean Burke sold 20,000 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $11.04, for a total value of $220,800.00. The disclosure for this sale can be found here. 3.49% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ISBC. Advisors Preferred LLC bought a new position in Investors Bancorp during the second quarter worth $26,000. NEXT Financial Group Inc bought a new position in Investors Bancorp during the second quarter worth $39,000. Point72 Asset Management L.P. bought a new position in Investors Bancorp during the second quarter worth $49,000. Rockefeller Capital Management L.P. boosted its stake in Investors Bancorp by 1,911.7% during the second quarter. Rockefeller Capital Management L.P. now owns 4,808 shares of the savings and loans company’s stock worth $54,000 after acquiring an additional 4,569 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in Investors Bancorp by 16.0% during the first quarter. Toronto Dominion Bank now owns 6,570 shares of the savings and loans company’s stock worth $78,000 after acquiring an additional 907 shares in the last quarter. 73.94% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on ISBC shares. Janney Montgomery Scott upgraded Investors Bancorp from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 6th. Zacks Investment Research upgraded Investors Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. BidaskClub downgraded Investors Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, May 3rd. Finally, ValuEngine downgraded Investors Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $13.53.
ISBC stock traded up $0.26 during mid-day trading on Friday, reaching $11.04. The company had a trading volume of 812,100 shares, compared to its average volume of 2,234,807. Investors Bancorp has a 52 week low of $9.94 and a 52 week high of $13.12. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.25 and a beta of 0.93. The stock has a 50 day simple moving average of $11.13 and a two-hundred day simple moving average of $11.59. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.25 and a quick ratio of 1.23.
Investors Bancorp (NASDAQ:ISBC) last posted its quarterly earnings data on Wednesday, July 24th. The savings and loans company reported $0.18 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. The company had revenue of $166.15 million during the quarter, compared to analysts’ expectations of $176.16 million. Investors Bancorp had a net margin of 17.85% and a return on equity of 7.05%. During the same period in the prior year, the company posted $0.20 earnings per share. On average, equities analysts predict that Investors Bancorp will post 0.73 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.99%. The ex-dividend date is Thursday, August 8th. Investors Bancorp’s dividend payout ratio is presently 54.32%.
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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