Investors Bancorp Inc (NASDAQ:ISBC) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 5,600,000 shares, an increase of 34.9% from the September 30th total of 4,150,000 shares. Approximately 2.2% of the shares of the company are sold short. Based on an average daily trading volume, of 1,760,000 shares, the days-to-cover ratio is currently 3.2 days.
In other Investors Bancorp news, Director Robert C. Albanese sold 20,000 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.24, for a total value of $244,800.00. Corporate insiders own 3.49% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ISBC. Advisors Preferred LLC acquired a new stake in shares of Investors Bancorp during the 2nd quarter worth $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Investors Bancorp during the 3rd quarter worth $36,000. NEXT Financial Group Inc acquired a new stake in shares of Investors Bancorp during the 2nd quarter worth $39,000. Point72 Asset Management L.P. acquired a new stake in shares of Investors Bancorp during the 2nd quarter worth $49,000. Finally, Quest Capital Management Inc. ADV acquired a new stake in shares of Investors Bancorp during the 3rd quarter worth $52,000. 73.43% of the stock is currently owned by institutional investors.
A number of research analysts have commented on ISBC shares. ValuEngine raised Investors Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Zacks Investment Research raised Investors Bancorp from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Saturday, October 26th. Stephens started coverage on Investors Bancorp in a report on Monday, October 28th. They issued an “overweight” rating on the stock. BidaskClub lowered Investors Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Finally, Royal Bank of Canada started coverage on Investors Bancorp in a report on Friday, October 11th. They issued an “outperform” rating and a $15.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $13.73.
ISBC opened at $12.17 on Friday. The firm has a market cap of $3.38 billion, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 1.33 and a beta of 0.92. Investors Bancorp has a 52-week low of $9.94 and a 52-week high of $12.91. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.25 and a current ratio of 1.25. The business’s fifty day moving average is $11.92 and its 200-day moving average is $11.28.
Investors Bancorp (NASDAQ:ISBC) last released its earnings results on Wednesday, October 23rd. The savings and loans company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.02. The company had revenue of $179.23 million for the quarter, compared to analyst estimates of $173.37 million. Investors Bancorp had a return on equity of 7.02% and a net margin of 17.21%. Investors Bancorp’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.19 EPS. On average, research analysts predict that Investors Bancorp will post 0.77 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 11th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 3.62%. The ex-dividend date is Thursday, November 7th. Investors Bancorp’s dividend payout ratio (DPR) is currently 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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