Rhumbline Advisers lowered its holdings in shares of Investors Bancorp, Inc. (NASDAQ:ISBC) by 15.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 295,251 shares of the savings and loans company’s stock after selling 53,821 shares during the period. Rhumbline Advisers’ holdings in Investors Bancorp were worth $4,098,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Signition LP acquired a new stake in Investors Bancorp in the fourth quarter valued at approximately $232,000. Wells Fargo & Company MN grew its stake in Investors Bancorp by 185.8% in the fourth quarter. Wells Fargo & Company MN now owns 1,081,145 shares of the savings and loans company’s stock valued at $15,007,000 after acquiring an additional 702,829 shares during the period. Swiss National Bank grew its stake in Investors Bancorp by 1.6% in the fourth quarter. Swiss National Bank now owns 445,076 shares of the savings and loans company’s stock valued at $6,178,000 after acquiring an additional 6,900 shares during the period. California Public Employees Retirement System grew its stake in Investors Bancorp by 4.8% in the fourth quarter. California Public Employees Retirement System now owns 749,362 shares of the savings and loans company’s stock valued at $10,401,000 after acquiring an additional 34,491 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in Investors Bancorp by 316.6% in the fourth quarter. Teacher Retirement System of Texas now owns 90,513 shares of the savings and loans company’s stock valued at $1,256,000 after acquiring an additional 68,784 shares during the period. 80.34% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have commented on ISBC. Sandler O’Neill cut Investors Bancorp from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research note on Thursday, November 30th. They noted that the move was a valuation call. Piper Jaffray Companies cut Investors Bancorp from an “overweight” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research note on Wednesday, November 29th. BidaskClub raised Investors Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, January 11th. Zacks Investment Research cut Investors Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, March 8th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $15.50 price objective on shares of Investors Bancorp in a research note on Friday, December 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $15.31.
Investors Bancorp (NASDAQ:ISBC) last announced its earnings results on Thursday, January 25th. The savings and loans company reported $0.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The company had revenue of $182.91 million for the quarter, compared to analysts’ expectations of $181.14 million. Investors Bancorp had a return on equity of 5.71% and a net margin of 13.82%. During the same quarter in the previous year, the firm earned $0.18 earnings per share. research analysts forecast that Investors Bancorp, Inc. will post 0.76 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.36 annualized dividend and a dividend yield of 2.52%. Investors Bancorp’s payout ratio is 81.82%.
In related news, CFO P. Sean Burke sold 50,000 shares of Investors Bancorp stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $14.17, for a total transaction of $708,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William V. Cosgrove sold 100,000 shares of Investors Bancorp stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $13.38, for a total value of $1,338,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 155,000 shares of company stock worth $2,116,200. 2.96% of the stock is owned by insiders.
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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