Investors Bancorp (ISBC) Shares Gap Down Following Weak Earnings

Investors Bancorp Inc (NASDAQ:ISBC)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $12.64, but opened at $12.27. Investors Bancorp shares last traded at $11.75, with a volume of 3904885 shares trading hands.

The savings and loans company reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.02). Investors Bancorp had a net margin of 20.70% and a return on equity of 7.54%. The company had revenue of $173.87 million for the quarter, compared to analyst estimates of $181.65 million. During the same period in the prior year, the company earned $0.20 EPS.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Friday, May 10th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Thursday, May 9th. Investors Bancorp’s dividend payout ratio is currently 54.32%.

ISBC has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Investors Bancorp from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Wednesday, January 2nd. BidaskClub raised shares of Investors Bancorp from a “strong sell” rating to a “sell” rating in a research note on Monday, January 7th. Barclays reaffirmed a “hold” rating and set a $14.00 price objective on shares of Investors Bancorp in a research note on Friday, January 11th. Wells Fargo & Co raised shares of Investors Bancorp from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $12.00 to $15.00 in a research note on Thursday, January 31st. Finally, Piper Jaffray Companies raised shares of Investors Bancorp from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $12.50 to $13.50 in a research note on Friday, February 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $13.61.

In other news, Director Robert C. Albanese sold 5,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $11.91, for a total transaction of $59,550.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Doreen R. Byrnes sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $12.74, for a total value of $382,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 303,100 shares of company stock valued at $3,747,423 in the last quarter. Company insiders own 3.51% of the company’s stock.

Several large investors have recently modified their holdings of ISBC. Wells Fargo & Company MN grew its holdings in shares of Investors Bancorp by 5.8% during the third quarter. Wells Fargo & Company MN now owns 308,433 shares of the savings and loans company’s stock valued at $3,785,000 after buying an additional 16,948 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Investors Bancorp by 24.9% during the third quarter. Renaissance Technologies LLC now owns 1,265,712 shares of the savings and loans company’s stock valued at $15,530,000 after buying an additional 252,200 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Investors Bancorp during the third quarter valued at approximately $172,000. MetLife Investment Advisors LLC grew its holdings in shares of Investors Bancorp by 52.6% during the third quarter. MetLife Investment Advisors LLC now owns 173,484 shares of the savings and loans company’s stock valued at $2,129,000 after buying an additional 59,781 shares during the last quarter. Finally, Teachers Advisors LLC grew its holdings in shares of Investors Bancorp by 2.2% during the third quarter. Teachers Advisors LLC now owns 511,567 shares of the savings and loans company’s stock valued at $6,277,000 after buying an additional 10,922 shares during the last quarter. Institutional investors and hedge funds own 76.42% of the company’s stock.

The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.81. The firm has a market cap of $3.30 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.25 and a beta of 0.91.

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About Investors Bancorp (NASDAQ:ISBC)

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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