Investors Bancorp (NASDAQ:ISBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $16.00 price objective on the savings and loans company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.88% from the company’s previous close.
According to Zacks, “Investors Bancorp, Inc. operates as the holding company for Investors Savings Bank, which provides a range of banking services in the United States. The company generates deposits and originates loans. The company operates from its corporate headquarters in Short Hills, New Jersey, and fifty-three branch offices located in Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset, Union and Warren Counties, New Jersey. The Bank is engaged 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. It originates mortgage loans secured by one-to four-family residential real estate and consumer loans, the majority of which are home equity loans and home equity lines of credit. “
ISBC traded down $0.10 during midday trading on Wednesday, reaching $14.43. The company had a trading volume of 2,320,680 shares, compared to its average volume of 4,288,863. The business has a 50-day moving average of $14.09 and a two-hundred day moving average of $10.87. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.61. Investors Bancorp has a 1 year low of $6.74 and a 1 year high of $15.34. The company has a market cap of $3.57 billion, a P/E ratio of 17.81 and a beta of 1.15.
A number of institutional investors have recently modified their holdings of ISBC. Norges Bank bought a new stake in Investors Bancorp during the fourth quarter valued at about $29,270,000. BlackRock Inc. raised its stake in Investors Bancorp by 11.0% during the 4th quarter. BlackRock Inc. now owns 19,617,245 shares of the savings and loans company’s stock valued at $207,159,000 after purchasing an additional 1,946,420 shares during the period. Victory Capital Management Inc. lifted its holdings in Investors Bancorp by 23.0% in the 4th quarter. Victory Capital Management Inc. now owns 3,434,463 shares of the savings and loans company’s stock worth $36,267,000 after purchasing an additional 642,216 shares in the last quarter. Hillcrest Asset Management LLC boosted its stake in Investors Bancorp by 45.0% in the 3rd quarter. Hillcrest Asset Management LLC now owns 1,285,085 shares of the savings and loans company’s stock worth $9,330,000 after purchasing an additional 398,947 shares during the period. Finally, ExodusPoint Capital Management LP grew its holdings in Investors Bancorp by 168.6% during the 3rd quarter. ExodusPoint Capital Management LP now owns 593,694 shares of the savings and loans company’s stock valued at $4,310,000 after buying an additional 372,637 shares in the last quarter. 72.45% of the stock is owned by institutional investors.
About Investors Bancorp
Investors Bancorp, Inc operates as the bank 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. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; one-to four-family residential mortgage loans secured by one-to four-family residential real estate; and consumer and other loans primarily consisting of home equity loans, and home equity lines of credit, as well as various insurance products comprising life insurance, fixed annuities, and indexed annuities.
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