Millennium Management LLC increased its position in Investors Bancorp Inc (NASDAQ:ISBC) by 297.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,697,862 shares of the savings and loans company’s stock after acquiring an additional 1,270,561 shares during the quarter. Millennium Management LLC owned about 0.62% of Investors Bancorp worth $19,287,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in ISBC. Advisors Preferred LLC bought a new stake in Investors Bancorp during the second quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Investors Bancorp in the third quarter valued at about $36,000. NEXT Financial Group Inc acquired a new stake in shares of Investors Bancorp in the second quarter valued at about $39,000. Point72 Asset Management L.P. bought a new position in shares of Investors Bancorp in the second quarter worth about $49,000. Finally, Quest Capital Management Inc. ADV bought a new position in shares of Investors Bancorp in the third quarter worth about $52,000. 72.26% of the stock is owned by hedge funds and other institutional investors.
In other Investors Bancorp news, Director Robert C. Albanese sold 20,000 shares of Investors Bancorp stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $12.24, for a total transaction of $244,800.00. 3.49% of the stock is owned by company insiders.
Investors Bancorp (NASDAQ:ISBC) last announced its quarterly earnings data on Wednesday, October 23rd. The savings and loans company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ 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 7.04% and a net margin of 17.21%. Investors Bancorp’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 EPS. On average, analysts expect that Investors Bancorp Inc will post 0.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Monday, November 11th were given a $0.11 dividend. The ex-dividend date was Thursday, November 7th. This represents a $0.44 annualized dividend and a yield of 3.74%. Investors Bancorp’s dividend payout ratio (DPR) is currently 54.32%.
Several analysts recently weighed in on the company. ValuEngine upgraded Investors Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. BidaskClub downgraded shares of Investors Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 27th. Royal Bank of Canada started coverage on shares of Investors Bancorp in a research report on Friday, October 11th. They issued an “outperform” rating and a $15.00 price target on the stock. Janney Montgomery Scott upgraded shares of Investors Bancorp from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 6th. Finally, Stephens assumed coverage on shares of Investors Bancorp in a report on Monday, October 28th. They set an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $13.73.
Investors Bancorp Profile
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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