Investors Bancorp, Inc. (NASDAQ:ISBC) Shares Gap Down Following Weak Earnings

Investors Bancorp, Inc. (NASDAQ:ISBC)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $14.08, but opened at $13.49. Investors Bancorp shares last traded at $13.10, with a volume of 6,760,772 shares trading hands.

The savings and loans company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by $0.01. The business had revenue of $176.38 million during the quarter, compared to analysts’ expectations of $179.25 million. Investors Bancorp had a return on equity of 5.80% and a net margin of 20.91%. During the same period in the prior year, the business posted $0.15 earnings per share.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Thursday, August 10th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Tuesday, August 8th. Investors Bancorp’s dividend payout ratio is currently 50.79%.

Several research firms have recently weighed in on ISBC. Royal Bank Of Canada reissued a “buy” rating and issued a $16.00 price target on shares of Investors Bancorp in a research note on Friday, July 7th. Zacks Investment Research downgraded shares of Investors Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. BidaskClub downgraded shares of Investors Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Stephens began coverage on shares of Investors Bancorp in a research note on Thursday, July 13th. They set an “overweight” rating and a $16.00 target price on the stock. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $15.00 target price on shares of Investors Bancorp in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Investors Bancorp currently has a consensus rating of “Hold” and an average target price of $15.21.

In other Investors Bancorp news, VP Paul Kalamaras sold 120,000 shares of Investors Bancorp stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $13.59, for a total transaction of $1,630,800.00. Following the completion of the sale, the vice president now directly owns 725,827 shares in the company, valued at $9,863,988.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.96% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in ISBC. BlackRock Inc. boosted its stake in shares of Investors Bancorp by 24,033.7% in the first quarter. BlackRock Inc. now owns 19,801,226 shares of the savings and loans company’s stock worth $284,740,000 after buying an additional 19,719,178 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Investors Bancorp by 80.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 8,881,755 shares of the savings and loans company’s stock worth $118,659,000 after buying an additional 3,950,175 shares in the last quarter. MARSHALL WACE ASIA Ltd bought a new stake in shares of Investors Bancorp during the first quarter worth $23,904,000. Marshall Wace North America L.P. bought a new stake in shares of Investors Bancorp during the first quarter worth $23,904,000. Finally, Monarch Partners Asset Management LLC bought a new stake in shares of Investors Bancorp during the first quarter worth $17,378,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 20.62 and a beta of 0.70. The firm’s 50 day moving average price is $13.23 and its 200 day moving average price is $13.87.

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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.